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Satisfaction with Life and Economic Well-Being: Evidence from Germany

  • Conchita D’Ambrosio
  • Joachim R. Frick
  • Markus Jäntti

The relationship between an individual’s economic well-being and satisfaction with own life has been the focus of many studies both within and across countries, in one period of time and over time. As a proxy of economic well-being household income both adjusted and unadjusted for household needs has been generally used. The aim of the present paper is to propose a more comprehensive measure of well-being considering the role that wealth and permanent income play in simultaneously determining satisfaction with life. The results, based on representative microdata from the German Socio-Economic Panel Study (SOEP), suggest that both income and wealth increase satisfaction, that long-run income is more appropriate than short-term income and that satisfaction with life is particularly high for those who are at the top of both the income and wealth distributions.

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Article provided by Duncker & Humblot, Berlin in its journal Schmollers Jahrbuch.

Volume (Year): 129 (2009)
Issue (Month): 2 ()
Pages: 283-295

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Handle: RePEc:aeq:aeqsjb:v129_y2009_i1_q1_p283-295
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