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Living in a material world: Happy Income and Happy Life Years

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  • Aloys Prinz
  • Björn Bünger
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    Abstract

    In the following we will propose an indicator that focuses on physical as well as socio-psychic wellbeing. At its core, this indicator is a modification of Ruut Veenhoven’s concept of Happy Life Years and it is called Happy Income. This indicator is constructed on the intention that the socio-economic well-being of the people of a nation is based on their income as well as on their subjective evaluation of their life. In addition to define the indicator, we will also employ it in order to measure social wellbeing in several European countries and to compare the resulting ranking of countries with the ranking of the same countries according to the Happy Life Years (HLY) index.

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    File URL: http://www.wiwi.uni-muenster.de/cawm/forschen/Download/Diskbeitraege/DP_15_Happy_Income_and_Happy_Life_Years.pdf
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    Bibliographic Info

    Paper provided by Institute of Spatial and Housing Economics, Munster Universitary in its series Working Papers with number 200116.

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    Handle: RePEc:muc:wpaper:200116

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    1. Orley Ashenfelter, 2006. "Measuring the Value of a Statistical Life: Problems and Prospects," NBER Working Papers 11916, National Bureau of Economic Research, Inc.
    2. Marc Fleurbaey & Guillaume Gaulier, 2009. "International Comparisons of Living Standards by Equivalent Incomes," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(3), pages 597-624, 09.
    3. Thomas J. Kniesner & W. Kip Viscusi, 2005. "Value of a Statistical Life: Relative Position vs. Relative Age," American Economic Review, American Economic Association, vol. 95(2), pages 142-146, May.
    4. Guglielmo Maria Caporale & Yannis Georgellis & Nicholas Tsitsianis & Ya Ping Yin, 2007. "Income and Happiness across Europe: Do Reference Values Matter?," CESifo Working Paper Series 2146, CESifo Group Munich.
    5. Richard Easterlin, 2005. "Diminishing Marginal Utility of Income? Caveat Emptor," Social Indicators Research, Springer, vol. 70(3), pages 243-255, 02.
    6. Ada Ferrer-i-Carbonell & Paul Frijters, 2002. "How important is Methodology for the Estimates of the Determinants of Happiness?," Tinbergen Institute Discussion Papers 02-024/3, Tinbergen Institute.
    7. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
    8. Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2005. "The Quantity and Quality of Life and the Evolution of World Inequality," American Economic Review, American Economic Association, vol. 95(1), pages 277-291, March.
    9. Easterlin, Richard A, 2001. "Income and Happiness: Towards an Unified Theory," Economic Journal, Royal Economic Society, vol. 111(473), pages 465-84, July.
    10. Asheim,G.B. & Weitzman,M.L., 2001. "Does NNP growth indicate welfare improvement?," Memorandum 02/2001, Oslo University, Department of Economics.
    11. Stutzer, Alois, 2004. "The role of income aspirations in individual happiness," Journal of Economic Behavior & Organization, Elsevier, vol. 54(1), pages 89-109, May.
    12. Oswald, Andrew J., 2008. "On the Curvature of the Reporting Function from Objective Reality to Subjective Feelings," IZA Discussion Papers 3344, Institute for the Study of Labor (IZA).
    13. Heal, Geoffrey & Kristrom, Bengt, 2008. "A note on national income in a dynamic economy," Economics Letters, Elsevier, vol. 98(1), pages 2-8, January.
    14. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
    15. Aronsson, Thomas & Lofgren, Karl-Gustaf, 2008. "Welfare equivalent NNP and habit formation," Economics Letters, Elsevier, vol. 98(1), pages 84-88, January.
    16. Michael Hagerty & Robert Cummins & Abbott Ferriss & Kenneth Land & Alex Michalos & Mark Peterson & Andrew Sharpe & Joseph Sirgy & Joachim Vogel, 2001. "Quality of Life Indexes for National Policy: Review and Agenda for Research," Social Indicators Research, Springer, vol. 55(1), pages 1-96, July.
    17. repec:reg:wpaper:107 is not listed on IDEAS
    18. Ruut Veenhoven, 1996. "Happy life-expectancy," Social Indicators Research, Springer, vol. 39(1), pages 1-58, January.
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