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What are we learning from the life satisfaction literature?

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Abstract

The recent availability of cross-sectional and longitudinal survey data on life satisfaction in a large number of countries gives us the opportunity to verify empirically (and not just to assume) what matters for individuals and what economists and policymakers should take into account when trying to promote personal and societal wellbeing. The wide array of econometric findings available in this booming literature display evidence, generally robust to different cultural backgrounds, on the effects of some important happiness drivers (income,unemployment, marital status) which can be considered “quasi stylized facts” of happiness. If economic policies, for many obvious reasons, cannot maximize self declared life satisfaction as such, we are nonetheless learning a lot from these contributions. In particular, results on the relevance and the risk of crowding out of relational goods, on the revisited inflation/unemployment trade off and, more in general, on the measurement of the shadow value of non market goods obtained with life satisfaction estimates, are conveying relevant information about individual preferences and what is behind utility functions. Such findings suggest us to move beyond anthropological reductionism toward behavioral complexity and to refocus target indicators of economic policies in order to minimize the distance between economic development and human wellbeing.

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  • Becchetti, Leonardo & Pelloni , Alessandra, 2010. "What are we learning from the life satisfaction literature?," AICCON Working Papers 76-2010, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
  • Handle: RePEc:ris:aiccon:2010_076
    Note: Leonardo Becchetti, University of Rome Tor Vergata Alessandra Pelloni, University of Rome Tor Vergata
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    9. Piper, Alan T., 2015. "Sliding down the U-shape? A dynamic panel investigation of the age-well-being relationship, focusing on young adults," Social Science & Medicine, Elsevier, vol. 143(C), pages 54-61.
    10. Bartosz Wilczek, 2018. "Media use and life satisfaction: the moderating role of social events," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 65(2), pages 157-184, June.
    11. Marta G. Pancheva & Carol D. Ryff & Mario Lucchini, 2021. "An Integrated Look at Well-Being: Topological Clustering of Combinations and Correlates of Hedonia and Eudaimonia," Journal of Happiness Studies, Springer, vol. 22(5), pages 2275-2297, June.
    12. Klüh, Ulrich, 2016. "Makroökonomische/Sozialpolitische Perspektiven auf die Sozialpolitik/Makroökonomie [Macroeconomic/Social Policy Perspectives on Social Policy/Macroeconomics]," MPRA Paper 71784, University Library of Munich, Germany.
    13. Jantsch, Antje & Wunder, Christoph & Hirschauer, Norbert, 2016. "Lebensqualität In Deutschland – Ein Vergleich Von Ländlichen Und Städtischen Regionen," 56th Annual Conference, Bonn, Germany, September 28-30, 2016 244798, German Association of Agricultural Economists (GEWISOLA).
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    15. Piper, Alan T., 2014. "An Investigation into Happiness, Dynamics and Adaptation," MPRA Paper 57778, University Library of Munich, Germany.
    16. Bruno Frey & Jana Gallus & Lasse Steiner, 2014. "Open issues in happiness research," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(2), pages 115-125, June.
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    19. Elias L. Khalil, 2022. "Solving the income-happiness paradox," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(3), pages 433-463, September.

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    More about this item

    Keywords

    life satisfaction; shadow value of non market goods; unemployment/inflation trade-off;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

    NEP fields

    This paper has been announced in the following NEP Reports:

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