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Can money buy happiness?

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  • Bhargava, Iti

Abstract

This paper evaluates the impact of unconditional transfers on an individual’s psychological well-being. Based on a randomized experiment conducted in Kenya, 50 villages in Rarieda received unconditional cash transfers. The variables of interest were consumption expenditure, spending on temptation goods, education expenses, assets and investments, and psychological well-being. Through this paper, I further examine the factors that lead to an increase in psychological well-being. According to my analysis, an unconditional cash transfer is agnostic to the initial level of well-being.

Suggested Citation

  • Bhargava, Iti, 2022. "Can money buy happiness?," SocArXiv eutwb, Center for Open Science.
    • Handle: RePEc:osf:socarx:eutwb
    DOI: 10.31219/osf.io/eutwb
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    References listed on IDEAS

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    1. Handa, Sudhanshu & Davis, Benjamin, 2006. "The experience of conditional cash transfers in Latin America and the Caribbean," ESA Working Papers 289060, Food and Agriculture Organization of the United Nations, Agricultural Development Economics Division (ESA).
    2. James J. Heckman & Jora Stixrud & Sergio Urzua, 2006. "The Effects of Cognitive and Noncognitive Abilities on Labor Market Outcomes and Social Behavior," Journal of Labor Economics, University of Chicago Press, vol. 24(3), pages 411-482, July.
    3. Bernard, Tanguy & Taffesse, Alemayehu Seyoum, 2012. "Measuring aspirations: Discussion and example from Ethiopia:," ESSP working papers 47, International Food Policy Research Institute (IFPRI).
    4. Sarah Baird & Jacobus de Hoop & Berk Özler, 2013. "Income Shocks and Adolescent Mental Health," Journal of Human Resources, University of Wisconsin Press, vol. 48(2), pages 370-403.
    5. Johannes Haushofer & Jeremy Shapiro, 2016. "The Short-term Impact of Unconditional Cash Transfers to the Poor: ExperimentalEvidence from Kenya," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(4), pages 1973-2042.
    6. Sudhanshu Handa & Benjamin Davis, 2006. "The Experience of Conditional Cash Transfers in Latin America and the Caribbean," Development Policy Review, Overseas Development Institute, vol. 24(5), pages 513-536, September.
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