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.
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|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.|
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- 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).
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"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.
- Koen Decancq & María Ana Lugo, 2013.
"Weights in Multidimensional Indices of Wellbeing: An Overview,"
Taylor & Francis Journals, vol. 32(1), pages 7-34, January.
- 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, 2010. "Weights in multidimensional indices of well-being: an overview," Center for Economic Studies - Discussion papers ces10.06, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
- Oswald, Andrew J. & Powdthavee, Nattavudh, 2006.
"Does Happiness Adapt? A Longitudinal Study of Disability with Implications for Economists and Judges,"
IZA Discussion Papers
2208, Institute for the Study of Labor (IZA).
- Oswald, Andrew J. & Powdthavee, Nattavudh, 2008. "Does happiness adapt? A longitudinal study of disability with implications for economists and judges," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1061-1077, June.
- Paul Dolan & Richard Layard & Robert Metcalfe, 2011. "Measuring subjective well-being for public policy," LSE Research Online Documents on Economics 35420, London School of Economics and Political Science, LSE Library.
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