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Can subjective well-being predict unemployment length ?

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Author Info

  • Mavridis, Dimitris

Abstract

This paper uses 16 waves of panel data from the British Household Panel Survey to evaluate the role of subjective well-being in determining labor market transitions. It confirms a previous finding in the literature: individuals report a fall in their happiness when they lose a job, but they report a smaller fall when they are surrounded by unemployed peers, an effect called the"social norm". The main results of interest are that job search effort and unemployment duration areaffected by the utility differential between having a job and being unemployed. Since this differential is also affected by the social norm, it implies that when unemployment increases, the unemployed are happier and they reduce their search effort. These results indicate that unemployment hysteresis has labor supply causes.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5293.

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Date of creation: 01 May 2010
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Handle: RePEc:wbk:wbrwps:5293

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Related research

Keywords: Labor Markets; Labor Policies; Population Policies; Youth and Governance; Economic Theory&Research;

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Cited by:
  1. Gielen, A. C. & Ours, J.C. van, 2012. "Unhappiness and Job Finding," Discussion Paper 2012-011, Tilburg University, Center for Economic Research.
  2. Krauss, Alexander & Graham, Carol, 2013. "Subjective wellbeing in Colombia : some insights on vulnerability, job security, and relative incomes," Policy Research Working Paper Series 6672, The World Bank.
  3. Krause, Annabelle, 2013. "Don’t worry, be happy? Happiness and reemployment," Journal of Economic Behavior & Organization, Elsevier, vol. 96(C), pages 1-20.
  4. John F. Helliwell & Haifang Huang, 2011. "New measures of the costs of unemployment: Evidence from the subjective well-being of 3.3 million Americans," NBER Working Papers 16829, National Bureau of Economic Research, Inc.
  5. Wulfgramm, Melike, 2012. "Country-specific life satisfaction effects of unemployment: Does labour market policy matter?," Working papers of the ZeS 07/2012, University of Bremen, Centre for Social Policy Research (ZeS).
  6. Helliwell, John & Huang, Haifang, 2011. "New measures of the costs of unemployment: Evidence from the subjective well-being of 2.3 million Americans," Working Papers 2011-3, University of Alberta, Department of Economics.

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