Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference
This paper proposes foundations and a methodology for survey-based tracking of well-being. First, we develop a theory in which utility depends on "fundamental aspects" of well-being, measurable with surveys. Second, drawing from psychologists, philosophers, and economists, we compile a comprehensive list of such aspects. Third, we demonstrate our proposed method for estimating the aspects' relative marginal utilities--a necessary input for constructing an individual-level well-being index--by asking ~4,600 U.S. survey respondents to state their preference between pairs of aspect bundles. We estimate high relative marginal utilities not only for happiness and life satisfaction, but also for aspects related to family, health, security, values, and freedoms.
|Date of creation:||Sep 2012|
|Date of revision:|
|Publication status:||published as Daniel J. Benjamin & Ori Heffetz & Miles S. Kimball & Nichole Szembrot, 2014. "Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference," American Economic Review, American Economic Association, vol. 104(9), pages 2698-2735, September.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
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- DECANCQ, Koen & LUGO, Maria Ana, .
"Weights in multidimensional indices of wellbeing: an overview,"
CORE Discussion Papers RP
2493, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Koen Decancq & María Ana Lugo, 2013. "Weights in Multidimensional Indices of Wellbeing: An Overview," Econometric Reviews, Taylor & Francis Journals, vol. 32(1), pages 7-34, January.
- Koen DECANCQ & María Ana LUGO, 2010. "Weights in multidimensional indices of well-being: an overview," Working Papers Department of Economics ces10.06, KU Leuven, Faculty of Economics and Business, Department of Economics.
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- K. Decancq & L. Van Ootegem & E. Verhofstadt, 2011.
"What If We Voted On The Weights Of A Multidimensional Well-Being Index? An Illustration With Flemish Data,"
Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium
11/762, Ghent University, Faculty of Economics and Business Administration.
- Koen Decancq & Luc Van Ootegem & Elsy Verhofstadt, 2013. "What If We Voted on the Weights of a Multidimensional Well‐Being Index? An Illustration with Flemish Data," Fiscal Studies, Institute for Fiscal Studies, vol. 34, pages 315-332, 09.
- Koen Decancq & Luc Van Ootegem & Elsy Verhofstadt, 2011. "What if we voted on the weights of a multidimensional well-being index? An illustration with Flemish data," Working Papers 1110, Herman Deleeck Centre for Social Policy, University of Antwerp.
- FLEURBAEY, Marc & SCHOKKAERT, Erik & DECANCQ, Koen, 2009.
"What good is happiness?,"
CORE Discussion Papers
2009017, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Fleurbaey,Marc & Maniquet,François, 2011.
"A Theory of Fairness and Social Welfare,"
Cambridge University Press, number 9780521887427, November.
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