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Personality, Well-being and Heterogeneous Valuations of Income and Work
Schurer, Stefanie; Yong, Jongsay - Melbourne Institute of Applied Economic and Social … - 2010
Using Australian longitudinal data and a random coefficient approach, this paper investigates whether personality … traits explain the heterogeneity in these valuations. We find that differences in subjective well-being are driven by …
Persistent link: https://www.econbiz.de/10008548742
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Personality, well-being and the marginal utility of income: What can we learn from random coefficient models?
Schurer, Stefanie; Yong, Jongsay - School of Economics and Finance, Victoria Business School - 2012
explores whether these forms of heterogeneity depend on the Big-Five personality traits. Using unique Australian longitudinal … multiple forms of heterogeneity. Big-Five personality explains 10 percent of the variation in intercept heterogeneity and 6 … controlling for intercept heterogeneity and identifying effects of time-varying variables. This paper investigates the usefulness …
Persistent link: https://www.econbiz.de/10010904182
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What happiness research can tell us about self-control problems and utility misprediction
Stutzer, Alois; Frey, Bruno S. - 2006
Neoclassical economic theory rules out systematic errors in consumption choice. According to the basic view, individuals know what they choose. They are able to predict how much utility an activity or a good produces for them now and in the future and they can maximize their utility. This...
Persistent link: https://www.econbiz.de/10010267422
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Two explanations to the willingness to accept and willingness to pay gap plus an alternative
Beja Jr, Edsel - Volkswirtschaftliche Fakultät, … - 2012
The gap between the willingness to accept and willingness to pay is the outcome of incomplete valuation. The problem therefore is more about completing the valuation procedure. The first part of the solution involves two items: one is the inclusion of the direct and indirect income effects and...
Persistent link: https://www.econbiz.de/10009647256
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What do happy people choose: rapid economic growth or stable economy?
Beja Jr., Edsel L. - Volkswirtschaftliche Fakultät, … - 2012
How SWB affects individual states, outcomes, or decisions is well established in the literature, but how it affects macroeconomic states, outcomes, or decisions remains an open empirical question. This paper focuses on the public policy issue of economic progress defined as either rapid economic...
Persistent link: https://www.econbiz.de/10011110145
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What Happiness Research Can Tell Us About Self-Control Problems And Utility Misprediction
Stutzer, Alois; Frey, Bruno S. - Institut für Volkswirtschaftslehre, … - 2006
Neoclassical economic theory rules out systematic errors in consumption choice. According to the basic view, individuals know what they choose. They are able to predict how much utility an activity or a good produces for them now and in the future and they can maximize their utility. This...
Persistent link: https://www.econbiz.de/10005627976
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The Anatomy of Subjective Well-being
van Praag, Bernard M.S.; Frijters, P.; … - 2002
This paper contributes to the literature on subjective well-being (SWB) by taking into account different aspects of life, called domains, such as health, financial situation, job, leisure, housing, and environment. We postulate a two-layer model where individual total SWB depends on the...
Persistent link: https://www.econbiz.de/10010324798
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Adaptation to Income over Time: A Weak Point of Subjective Well-Being
Wunder, Christoph - 2008
This article holds the view that intertemporal comparisons of subjective well-being measures are only meaningful when the underlying standards of judgment are unaltered. This is a weak point of such measures. The study investigates the change in the satisfaction judgments resulting from...
Persistent link: https://www.econbiz.de/10011600775
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Subjective Measures of Economic Well-Being and the Influence of Income Uncertainty
Schwarze, Johannes - 2008
This paper provides evidence that subjective measures of individual well being can be used to study the impact of income uncertainty from an ex ante point of view. Two different measures of subjective well being are under study: Satisfaction with household income and the income evaluation...
Persistent link: https://www.econbiz.de/10011600793
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Well-Being over the Life Span: Semiparametric Evidence from British and German Longitudinal Data
Wunder, Christoph; Wiencierz, Andrea; Schwarze, Johannes; … - 2009
This paper applies semiparametric regression models using penalized splines to investigate the profile of well-being over the life span. Splines have the advantage that they do not require a priori assumptions about the form of the curve. Using data from the British Household Panel Survey (BHPS)...
Persistent link: https://www.econbiz.de/10011600823