Individual Welfare and Subjective Well-Being : Commentary Inspired by Sacks, Stevenson and Wolfers
Sacks, Stevenson and Wolfers (2010) question earlier results like Easterlin's showing that long-run economic growth often fails to improve individuals'average reports of their own subjective well-being (SWB). We use World Values Survey data to establish that the proportion of individuals reporting happiness level h, and whose income falls below any xed threshold, always diminishes as h increases. The implied positive association between income and reported happiness suggests that it is possible in principle to construct multi-dimensional summary statistics based on reported SWB that could be used to evaluate economic policy
Year of publication: |
2011
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Authors: | Hammond, Peter J. ; Liberini, Federica ; Proto, Eugenio |
Institutions: | Department of Economics, University of Warwick |
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