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Individual Welfare and Subjective Well-Being : Commentary Inspired by Sacks, Stevenson and Wolfers

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  • Hammond, Peter J.

    (University of Warwick)

  • Liberini, Federica

    (University of Warwick)

  • Proto, Eugenio

    (University of Warwick)

Abstract

Sacks, Stevenson and Wolfers (2010) question earlier results like Easterlin's showing that long-run economic growth often fails to improve individuals'average reports of their own subjective well-being (SWB). We use World Values Survey data to establish that the proportion of individuals reporting happiness level h, and whose income falls below any xed threshold, always diminishes as h increases. The implied positive association between income and reported happiness suggests that it is possible in principle to construct multi-dimensional summary statistics based on reported SWB that could be used to evaluate economic policy

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Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 957.

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Date of creation: 2011
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Handle: RePEc:wrk:warwec:957

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  1. Daniel W. Sacks & Betsey Stevenson & Justin Wolfers, 2010. "Subjective Well-Being, Income, Economic Development and Growth," CESifo Working Paper Series 3206, CESifo Group Munich.
  2. David Canning, 2007. "Valuing Lives Equally and Welfare Economics," PGDA Working Papers, Program on the Global Demography of Aging 2707, Program on the Global Demography of Aging.
  3. Nicholas Oulton, 2007. "Chain Indices of the Cost of Living and the Path-Dependence Problem: An Empirical Solution," CEP Discussion Papers, Centre for Economic Performance, LSE dp0797, Centre for Economic Performance, LSE.
  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. Stevenson, Betsey & Wolfers, Justin, 2008. "Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6944, C.E.P.R. Discussion Papers.
  6. Weymark, John A, 1985. "Money-Metric Utility Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(1), pages 219-32, February.
  7. Bleichrodt, Han & Wakker, Peter & Johannesson, Magnus, 1997. "Characterizing QALYs by Risk Neutrality," Journal of Risk and Uncertainty, Springer, Springer, vol. 15(2), pages 107-14, November.
  8. Bleichrodt, Han & Quiggin, John, 1997. "Characterizing QALYs under a General Rank Dependent Utility Model," Journal of Risk and Uncertainty, Springer, Springer, vol. 15(2), pages 151-65, November.
  9. Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, Econometric Society, vol. 44(4), pages 793-804, July.
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Cited by:
  1. Timothy N. Bond & Kevin Lang, 2014. "The Sad Truth About Happiness Scales," NBER Working Papers 19950, National Bureau of Economic Research, Inc.

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