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The new stylized facts about income and subjective well-being
Sacks, Daniel W.; Stevenson, Betsey; Wolfers, Justin - 2012
In recent decades economists have turned their attention to data that asks people how happy or satisfied they are with their lives. Much of the early research concluded that the role of income in determining well-being was limited, and that only income relative to others was related to...
Persistent link: https://www.econbiz.de/10010291356
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Misery loves company: Exogenous shocks in retirement expectations and social comparison effects on subjective well-being
Montizaan, Raymond; Vendrik, Maarten C. M. - 2012
on the job satisfaction of workers who are close to retirement. The reform implies that public sector workers born on … public sector workers born in 1949 and 1950, we find strong and persistent effects on job satisfaction that are sizable … compared to income effects on well-being. The drop in satisfaction is strongly affected by social comparisons with colleagues …
Persistent link: https://www.econbiz.de/10010289977
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Does happiness adapt? A longitudinal study of disability with implications for economists and judges
Oswald, Andrew J.; Powdthavee, Nattavudh - 2006
Economics ignores the possibility of hedonic adaptation (the idea that people bounce back from utility shocks). This paper argues that economists are wrong to do so. It provides longitudinal evidence that individuals who become disabled go on to exhibit recovery in mental wellbeing. Adaptation...
Persistent link: https://www.econbiz.de/10010267773
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Money and mental wellbeing: a longitudinal study of medium-sized lottery wins
Gardner, Jonathan; Oswald, Andrew J. - 2006
One of the famous questions in social science is whether money makes people happy. We offer new evidence by using longitudinal data on a random sample of Britons who receive medium-sized lottery wins of between £1000 and £120,000 (that is, up to approximately U.S. $200,000). When compared to...
Persistent link: https://www.econbiz.de/10010326728
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On the common claim that happiness equations demonstrate diminishing marginal utility of income
Oswald, Andrew J. - 2005
It is commonly claimed in the recent happiness literature in psychology and economics that we have proved diminishing marginal utility of income. This paper suggests that we have not. It draws a distinction between concavity of the utility function and concavity of the reporting function.
Persistent link: https://www.econbiz.de/10010267321
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Hedonic capital
Graham, Liam; Oswald, Andrew J. - 2006
This paper proposes a new way to think about happiness. It distinguishes between stocks and flows. Central to the analysis is a concept we call 'hedonic capital'. The paper sets out a model of the dynamics of wellbeing in which bad life-shocks are smoothed by the drawing down of hedonic capital....
Persistent link: https://www.econbiz.de/10010267560
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Well-being across America
Oswald, Andrew J.; Wu, Stephen - 2009
the states of America. From this sample of 1.3 million US citizens, we analyze measures of life satisfaction and mental … capita. Correcting for people's incomes, satisfaction with life is lowest in the rich states. We discuss implications for the …
Persistent link: https://www.econbiz.de/10010269501
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Winning big but feeling no better? The effect of lottery prizes on physical and mental health
Apouey, Bénédicte; Clark, Andrew E. - 2010
We use British panel data to determine the exogenous impact of income on a number of individual health outcomes: general health status, mental health, physical health problems, and health behaviors (drinking and smoking). Lottery winnings allow us to make causal statements regarding the effect...
Persistent link: https://www.econbiz.de/10010269573
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Time use and time budgets: improvements, future challenges and recommendations
Merz, Joachim - 2009
Time-use statistics offer a unique tool for exploring a wide range of policy concerns including social change; division of labour; allocation of time for household work; the estimation of the value of household production; transportation; leisure and recreation; pension plans; and health-care...
Persistent link: https://www.econbiz.de/10010269680
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Differences across Countries and Time in Household Expenditure Patterns: Implications for the Estimation of Equivalence Scales
Daley, Angela; Garner, Thesia; Phipps, Shelley; … - 2020
When comparing economic well-being using income or expenditures, an equivalence scale is often used to adjust for differences in characteristics that affect needs. For example, a family of two is assumed to need more income than a single person, but not twice as much due to the economies of...
Persistent link: https://www.econbiz.de/10012269924