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Subjective Outcomes in Economics

Author

Listed:
  • Daniel S. Hamermesh

    () (University of Texas at Austin, Department of Economics, Austin, TX 78712 USA, National Bureau of Economic Research and Forshungsinstitut zur Zukunft der Arbeit)

Abstract

This study examines the various uses of subjective outcomes as a focus of interest for economists. It outlines the possible channels by which economists can usefully add to what is already a massive literature on such outcomes in the other social sciences. Generally, we contribute little if we merely engage in fancier empirical work and still less if we describe subjective outcomes by other subjective outcomes. Our biggest contributions can be in adducing economic theories that allow a better understanding of objective behavior using subjective outcomes, or of the determinants of subjective outcomes, or in understanding subjective outcomes, such as expectations, that underlie objective economic behavior. This was the Association Lecture delivered at the Southern Economic Association meetings, San Antonio, Texas, November 22, 2003.

Suggested Citation

  • Daniel S. Hamermesh, 2004. "Subjective Outcomes in Economics," Southern Economic Journal, Southern Economic Association, vol. 71(1), pages 2-11, July.
  • Handle: RePEc:sej:ancoec:v:71:1:y:2004:p:2-11
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    References listed on IDEAS

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    1. Levy-Garboua, Louis & Montmarquette, Claude, 2004. "Reported job satisfaction: what does it mean?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(2), pages 135-151, April.
    2. Gardner, Jonathan & Andrew Oswald, 2002. "Does Money Buy Happiness? A Longitudinal Study Using Data on Windfalls," Royal Economic Society Annual Conference 2002 81, Royal Economic Society.
    3. Bruno S. Frey & Alois Stutzer, 2002. "What Can Economists Learn from Happiness Research?," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 402-435, June.
    4. Lance Lochner, 2007. "Individual Perceptions of the Criminal Justice System," American Economic Review, American Economic Association, vol. 97(1), pages 444-460, March.
    5. Robert J. MacCulloch & Rafael Di Tella & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March.
    6. Steven J. Haider & Melvin Stephens, 2007. "Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 247-264, May.
    7. John Bound, 1991. "Self-Reported Versus Objective Measures of Health in Retirement Models," Journal of Human Resources, University of Wisconsin Press, vol. 26(1), pages 106-138.
    8. Kerwin Kofi Charles, 2002. "Is Retirement Depressing?: Labor Force Inactivity and Psychological Well-Being in Later Life," NBER Working Papers 9033, National Bureau of Economic Research, Inc.
    9. Kathleen McGarry, 2004. "Health and Retirement: Do Changes in Health Affect Retirement Expectations?," Journal of Human Resources, University of Wisconsin Press, vol. 39(3).
    10. L. F. Jameson Boex, 2000. "Attributes of Effective Economics Instructors: An Analysis of Student Evaluations," The Journal of Economic Education, Taylor & Francis Journals, vol. 31(3), pages 211-227, September.
    11. repec:aph:ajpbhl:1983:73:8:911-914_1 is not listed on IDEAS
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    More about this item

    JEL classification:

    • J00 - Labor and Demographic Economics - - General - - - General
    • I00 - Health, Education, and Welfare - - General - - - General

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