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Modelling in happiness economics

Author

Listed:
  • Raluca I. Iorgulescu

    () (Institute for Economic Forecasting - NIER, Romanian Academy, Casa Academiei, Calea 13 Septembrie nr. 13, sector 5, 050711, Bucharest - Romania)

Abstract

In modern times, in the context of an increasingly quantitative approach to economics, welfare has been related mostly to an economic actor’s income. With increasing complexity in social and economic life, studies moving beyond the income approach to welfare enriched economic literature. Modelling the economic concept of ‘happiness’ is one of the new ways to design welfare policy. Even if it has been shown, using econometric techniques, that an accurate measurement of the true welfare effects is not possible, researchers estimated, for example, the income required for a typical individual in different countries to ascertain the same change, due to various events, in declared happiness as in welfare. This paper introduces the concept of happiness as one of the measures of well-being in economics and presents a brief survey of the literature on this topic.

Suggested Citation

  • Raluca I. Iorgulescu, 2014. "Modelling in happiness economics," Computational Methods in Social Sciences (CMSS), "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences, vol. 2(1), pages 35-41, June.
  • Handle: RePEc:ntu:ntcmss:vol2-iss1-14-035
    as

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    File URL: http://cmss.univnt.ro/wp-content/uploads/vol/split/vol_II_issue_1/CMSS_vol_II_issue_1_art.004.pdf
    File Function: First version, 2014
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    References listed on IDEAS

    as
    1. Blanchflower, David G. & Oswald, Andrew J., 2004. "Well-being over time in Britain and the USA," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1359-1386, July.
    2. Hayo, Bernd & Seifert, Wolfgang, 2003. "Subjective economic well-being in Eastern Europe," Journal of Economic Psychology, Elsevier, vol. 24(3), pages 329-348, June.
    3. Andrew E. Clark & Sarah Flèche & Claudia Senik, 2012. "The Great Happiness Moderation," PSE Working Papers halshs-00707290, HAL.
    4. Sendhil Mullainathan & Marianne Bertrand, 2001. "Do People Mean What They Say? Implications for Subjective Survey Data," American Economic Review, American Economic Association, vol. 91(2), pages 67-72, May.
    5. Easterlin, Richard A. & Morgan, Robson & Switek, Malgorzata & Wang, Fei, 2013. "China's Life Satisfaction, 1990-2010," IZA Discussion Papers 7196, Institute for the Study of Labor (IZA).
    6. Andrew E. Clark & Sarah Flèche & Claudia Senik, 2012. "The Great Happiness Moderation," Working Papers halshs-00707290, HAL.
    Full references (including those not matched with items on IDEAS)

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