Subjective Well-Being and the Family: Results from an Ordered Probit Model with Multiple Random Effects
AbstractThe previous literature on the determinants of individual well-being has failed to fully account for the interdependencies in well-being at the family level. This paper develops an ordered probit model with multiple random effects that allows to identify the intrafamily correlation in well-being. The parameters of the model can be estimated with panel data using Maximum Marginal Likelihood. The approach is illustrated in an application using panel data for the period 1984-1997 from the German Socio-Economic Panel in which both inter-generational and intra-marriage correlations in well-being are estimated.
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Bibliographic InfoPaper provided by Socioeconomic Institute - University of Zurich in its series SOI - Working Papers with number 0204.
Length: 24 pages
Date of creation: May 2002
Date of revision: Jan 2004
Publication status: Published in Empirical Economics 30, 2005, pages 749-761
ordered probit model; error components; german socio-economic panel;
Other versions of this item:
- Rainer Winkelmann, 2005. "Subjective well-being and the family: Results from an ordered probit model with multiple random effects," Empirical Economics, Springer, vol. 30(3), pages 749-761, October.
- Winkelmann, Rainer, 2004. "Subjective Well-Being and the Family: Results from an Ordered Probit Model with Multiple Random Effects," IZA Discussion Papers 1016, Institute for the Study of Labor (IZA).
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
- C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- J19 - Labor and Demographic Economics - - Demographic Economics - - - Other
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