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Wealth and Happiness: Empirical Evidence from Indonesia

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  • Landiyanto, Erlangga Agustino
  • Ling, Jeffrey
  • Puspitasari, Mega
  • Irianti, Septi Eka

Abstract

Abstract Looking at the economics of happiness is an interesting way to provide a broader concept of wealth. It gives insight on relative utility that does not depend exclusively on income as mediated by individual choices or preferences within monetary budget constraints but also considers non monetary factors. Recent economic studies on happiness or subjective well being, most in developing countries, give us some insight on what contributes to individual’s satisfaction with their lives. Some studies in developed countries also found that within countries, a higher level income contributes to higher levels of reported well being. Unfortunately, economic studies on happiness in developing countries, including Indonesia, are limited because of data limitations. Therefore, this paper analyzes the determinants of subjective well being in Indonesia to assess whether there is positive association between individual wealth and happiness. Using the Indonesia Family Life Survey Data Set, logistic regression analysis is used to identify sources of happiness from both economic and non- economic variables.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50012.

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Date of creation: 2011
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Handle: RePEc:pra:mprapa:50012

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Keywords: Happiness. Wealth;

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References

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  1. Luis Rayo & Gary S. Becker, 2007. "Habits, Peers, and Happiness: An Evolutionary Perspective," American Economic Review, American Economic Association, vol. 97(2), pages 487-491, May.
  2. Manski, C.F., 1991. "Identification of Endogenous Social Effects: the Reflection Problem," Working papers 9127, Wisconsin Madison - Social Systems.
  3. Oswald, Andrew, 1997. "Happiness and Economic Performance," The Warwick Economics Research Paper Series (TWERPS) 478, University of Warwick, Department of Economics.
  4. Clark, Andrew E. & Frijters, Paul & Shields, Michael A., 2007. "Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," IZA Discussion Papers 2840, Institute for the Study of Labor (IZA).
  5. Rafael Di Tella & John Haisken-De New & Robert MacCulloch, 2007. "Happiness Adaptation to Income and to Status in an Individual Panel," NBER Working Papers 13159, National Bureau of Economic Research, Inc.
  6. Gerdtham, Ulf-G & Johannesson, Magnus, 1997. "The Relationship between Happiness, Health and Socio-economic Factors: Results Based on Swedish Micro Data," Working Paper Series in Economics and Finance 207, Stockholm School of Economics.
  7. 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.
  8. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
  9. David G. Blanchflower & Andrew J. Oswald, 2000. "Well-Being Over Time in Britain and the USA," NBER Working Papers 7487, National Bureau of Economic Research, Inc.
  10. Paul Frijters & John P. Haisken-DeNew & Michael A. Shields, 2004. "Money Does Matter! Evidence from Increasing Real Income and Life Satisfaction in East Germany Following Reunification," American Economic Review, American Economic Association, vol. 94(3), pages 730-740, June.
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