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A Note on Modelling Dynamics in Happiness Estimations

  • Piper, Alan

This short note discusses two alternative ways to model dynamics in happiness regressions. A explained, this may be important when standard fixed effects estimates have serial correlation in the residuals, but is also potentially useful when serial correlation is not a problem for providing new insights in the happiness of economics area. The note discusses modelling dynamics two ways the note discusses are via a lagged dependent variable, and via an AR(1) process. The usefulness and statistical appropriateness of each is discussed with reference to happiness. Finally, a flow chart is provided summarising key decisions regarding the choice regarding, and potential necessity of, modelling dynamics.

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File URL: http://mpra.ub.uni-muenchen.de/49364/1/MPRA_paper_49364.pdf
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File URL: http://mpra.ub.uni-muenchen.de/49709/23/MPRA_paper_49709.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 49364.

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Date of creation: Aug 2013
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Handle: RePEc:pra:mprapa:49364
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  1. Blanchflower, David G. & Oswald, Andrew J. & Stewart-Brown, Sarah, 2012. "Is Psychological Well-being Linked to the Consumption of Fruit and Vegetables?," The Warwick Economics Research Paper Series (TWERPS) 996, University of Warwick, Department of Economics.
  2. Piper, Alan T., 2012. "Dynamic Analysis and the Economics of Happiness: Rationale, Results and Rules," MPRA Paper 43248, University Library of Munich, Germany, revised Dec 2012.
  3. Holtz-Eakin, Douglas & Newey, Whitney & Rosen, Harvey S, 1988. "Estimating Vector Autoregressions with Panel Data," Econometrica, Econometric Society, vol. 56(6), pages 1371-95, November.
  4. David Roodman, 2006. "How to Do xtabond2: An Introduction to "Difference" and "System" GMM in Stata," Working Papers 103, Center for Global Development.
  5. Piper, Alan T., 2012. "Heaven knows I’m miserable now: overeducation and reduced life satisfaction," MPRA Paper 46926, University Library of Munich, Germany, revised May 2013.
  6. David G. Blanchflower & Andrew J. Oswald, 2011. "International Happiness," NBER Working Papers 16668, National Bureau of Economic Research, Inc.
  7. David M. Drukker, 2003. "Testing for serial correlation in linear panel-data models," Stata Journal, StataCorp LP, vol. 3(2), pages 168-177, June.
  8. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
  9. Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
  10. Piper, Alan T., 2012. "A Happiness Test of Human Capital Theory," MPRA Paper 43496, University Library of Munich, Germany.
  11. Beck, Nathaniel & Katz, Jonathan N., . "Modeling dynamics in time-series-cross-section political economy data," Working Papers 1304, California Institute of Technology, Division of the Humanities and Social Sciences.
  12. Bichaka Fayissa & Shah Danyal & J.S. Butler, 2011. "The Impact of Education on Health Status: Evidence from Longitudinal Survey Data," Working Papers 201101, Middle Tennessee State University, Department of Economics and Finance.
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