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The Effect of Income on Positive and Negative Subjective Well-Being

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Author Info
Stefan Boes () (Socioeconomic Institute, University of Zurich)
Rainer Winkelmann () (Socioeconomic Institute, University of Zurich)

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Abstract

Increasing evidence from the empirical economic and psychological literature suggests that positive and negative well-being are more than opposite ends of the same phenomenon. Two separate measures of the dependent variable may be needed when analyzing the determinants of subjective well-being. We argue that this conclusion reflects in part the use of too restrictive econometric models. A flexible multiple-index ordered probit panel data model with varying thresholds can identify response asymmetries in single-item measures of subjective well-being. An application to data from the German Socio-Economic Panel for 1984-2004 shows that income has only a minor effect on positive subjective well-being but a large effect on negative well-being.

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File URL: http://www.soi.uzh.ch/research/wp/2006/wp0605.pdf
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File Function: First version, 2006
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Publisher Info
Paper provided by University of Zurich, Socioeconomic Institute in its series Working Papers with number 0605.

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Length: 23 pages
Date of creation: May 2006
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Handle: RePEc:soz:wpaper:0605

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Related research
Keywords: generalized ordered probit model; marginal probability effects; random and fixed effects; life-satisfaction;

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Find related papers by JEL classification:
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data

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