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Recent Advances in the Economics of Individual Subjective Well-Being

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  • Stutzer, Alois

    ()
    (University of Basel)

  • Frey, Bruno S.

    ()
    (University of Zurich)

Abstract

Over the last decades, empirical research on subjective well-being in the social sciences has provided a major new stimulus to the discourse on individual happiness. Recently this research has also been linked to economics where reported subjective wellbeing is often taken as a proxy measure for individual welfare. In our review, we intend to provide an evaluation of where the economic research on happiness stands and of three directions it might develop. First, it offers new ways for testing the basic assumptions of the economic approach and for going about a new understanding of utility. Second, it provides a new possibility for the complementary testing of theories across fields in economics. Third, we inquire how the insights gained from the study of individual happiness in economics affect public policy.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4850.

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Length: 35 pages
Date of creation: Mar 2010
Date of revision:
Publication status: published in: Social Research, 2010, 77(2), 679-714
Handle: RePEc:iza:izadps:dp4850

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Keywords: public goods; income; survey data; life satisfaction; happiness; economics; unemployment;

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References

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Citations

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Cited by:
  1. Victoria Ateca-Amestoy & Alexandra Aguilar & Ana Moro-Egido, 2014. "Social Interactions and Life Satisfaction: Evidence from Latin America," Journal of Happiness Studies, Springer, Springer, vol. 15(3), pages 527-554, June.
  2. Adrián De la Garza & Giovanni Mastrobuoni & Atsushi Sannabe & Katsunori Yamada, 2010. "The Relative Utility Hypothesis With and Without Self-reported Reference Wages," Working Papers, Banco de México 2010-19, Banco de México.
  3. Reto Odermatt & Alois Stutzer, 2013. "Smoking Bans, Cigarette Prices and Life Satisfaction," Working papers, Faculty of Business and Economics - University of Basel 2013/07, Faculty of Business and Economics - University of Basel.
  4. Cristina Bernini & Andrea Guizzardi & Giovanni Angelini, 2013. "DEA-Like Model and Common Weights Approach for the Construction of a Subjective Community Well-Being Indicator," Social Indicators Research, Springer, Springer, vol. 114(2), pages 405-424, November.
  5. Latif, Ehsan, 2010. "Crisis, unemployment and psychological wellbeing in Canada," Journal of Policy Modeling, Elsevier, Elsevier, vol. 32(4), pages 520-530, July.
  6. Hajdu, Tamás & Hajdu, Gábor, 2011. "A hasznosság és a relatív jövedelem kapcsolatának vizsgálata magyar adatok segítségével
    [Examining the relation of utility and relative income using Hungarian data]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 56-73.
  7. Bruno Frey & Jana Gallus & Lasse Steiner, 2014. "Open issues in happiness research," International Review of Economics, Springer, Springer, vol. 61(2), pages 115-125, June.
  8. Holcomb, Christopher, 2013. "Predictors of Well-Being in High Income, Industrialized Countries and Their Related Effects," MPRA Paper 53012, University Library of Munich, Germany.
  9. Bruno Frey & Alois Stutzer, 2012. "The use of happiness research for public policy," Social Choice and Welfare, Springer, Springer, vol. 38(4), pages 659-674, April.
  10. Edsel Beja Jr., 2013. "Subjective Well-Being Approach to the Valuation of International Development: Evidence for the Millennium Development Goals," Social Indicators Research, Springer, Springer, vol. 111(1), pages 141-159, March.
  11. Stefano Bartolini & Ennio Bilancini, 2011. "Social Participation and Hours Worked," Department of Economics University of Siena, Department of Economics, University of Siena 620, Department of Economics, University of Siena.
  12. Aguilar, Alexandra Cortés & García Muñoz, Teresa M. & Moro-Egido, Ana I., 2013. "Heterogeneous self-employment and satisfaction in Latin America," Journal of Economic Psychology, Elsevier, Elsevier, vol. 39(C), pages 44-61.
  13. Alois Stutzer & Tommaso Reggiani, 2014. "On the many accounts of public happiness," International Review of Economics, Springer, Springer, vol. 61(2), pages 109-113, June.
  14. Cortés Aguilar Alexandra & Teresa Garcia-Muñoz & Ana I. Moro Egido, 2013. "Heterogeneous Self-employment and Subjective Well-Being. Evidence from Latin America," ThE Papers, Department of Economic Theory and Economic History of the University of Granada. 13/05, Department of Economic Theory and Economic History of the University of Granada..

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