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The relative impact of income and health on the subjective well-being across generations in Europe

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Eric Bonsang

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Abstract

The relative importance of the components contributing to individual wellbeing are likely to change over the life-cycle. Any social policy, whose the main role is to promote the well-being of the population as a whole, neglecting this aspect will redistribute inefficiently the resources across age categories. This paper analyses the life-cycle preferences over income and health. We estimate the relative effects of health and income shocks on individual well-being across age categories by using subjective measure of well-being from the European Community Household Panel (ECHP) from 1994 to 2001. The analysis uses self-reported satisfaction with different domains of life (main activity, income, health, free time and housing) to construct a measure of individual well-being. The analysis concludes that the effect of household income on the well-being of the elderly is lower than it is for the young. Moreover, illness is associated to a higher drop in the wellbeing of the elderly than it is for the young. The larger impact of illness on the well-being of the elderly is due to the fact that health disease has more impacts on the other domains of life (i.e. satisfaction with main activity and satisfaction with free time) than for the young suggesting that illness is more depressing among the elderly because it decreases their functioning in the different domains of life preventing them to enjoy their daily activities.

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Paper provided by Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège in its series CREPP Working Papers with number 0601.

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Date of creation: 2006
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Handle: RePEc:rpp:wpaper:0601

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  1. Ada Ferrer-i-Carbonell, 2002. "Subjective Questions to Measure Welfare and Well-being," Tinbergen Institute Discussion Papers 02-020/3, Tinbergen Institute. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
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  4. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, 07. [Downloadable!] (restricted)
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  5. van Praag, B. M. S. & Frijters, P. & Ferrer-i-Carbonell, A., 2003. "The anatomy of subjective well-being," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 29-49, May. [Downloadable!] (restricted)
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  6. Easterlin, Richard A, 2001. "Income and Happiness: Towards an Unified Theory," Economic Journal, Royal Economic Society, vol. 111(473), pages 465-84, July. [Downloadable!] (restricted)
  7. Ada Ferrer-i-Carbonell, 2002. "Income and Well-being," Tinbergen Institute Discussion Papers 02-019/3, Tinbergen Institute. [Downloadable!]
  8. Richard E. Lucas & Andrew Clark & Yannis Georgellis & Ed Diener, 2002. "Re-Examining Adaptation and the Setpoint Model of Happiness: Reactions to Changes in Marital Status," DELTA Working Papers 2002-08, DELTA (Ecole normale supérieure). [Downloadable!]
  9. B.M.S. van Praag & P. Frijters & A. Ferrer-i-Carbonell, 2002. "The Anatomy of Subjective Well-being," Tinbergen Institute Discussion Papers 02-022/3, Tinbergen Institute. [Downloadable!]
  10. Rafael Di Tella & Robert J. MacCulloch & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March. [Downloadable!] (restricted)
  11. McBride, Michael, 2001. "Relative-income effects on subjective well-being in the cross-section," Journal of Economic Behavior & Organization, Elsevier, vol. 45(3), pages 251-278, July. [Downloadable!] (restricted)
  12. Frijters, Paul, 2000. "Do individuals try to maximize general satisfaction?," Journal of Economic Psychology, Elsevier, vol. 21(3), pages 281-304, June. [Downloadable!] (restricted)
  13. Winkelmann, Liliana & Winkelmann, Rainer, 1998. "Why Are the Unemployed So Unhappy? Evidence from Panel Data," Economica, London School of Economics and Political Science, vol. 65(257), pages 1-15, February. [Downloadable!] (restricted)
  14. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May. [Downloadable!] (restricted)
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