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A primer on mathematical modelling in economics

Rai, Birendra K.; So, Chiu Ki; Nicholas, Aaron - 2010

The Commission on Graduate Education in Economics had raised several concerns regarding the role of mathematics in graduate training in economics (Krueger, 1991; Colander, 1998, 2005). This paper undertakes a detailed scrutiny of the notion of a utility function to motivate and describe the common...

Persistent link: https://www.econbiz.de/10009483823

A contribution to theory of utility functions

Vaněčková, Eva - 2012

The paper deals with two specific types of utility functions displaying decision maker's risk aversion at expressing the utility of monetary values. These functions are following: w(c) = 1 – e-x/R, u(x) = ln(x + R), where x is a monetary value and R is a constant expressing the degree of risk...

Persistent link: https://www.econbiz.de/10011316056

On the Use of Subjective Well-Being Data for Environmental Valuation

Moro, Mirko; Ferreira, Susana - 2009

This paper explores the potential of using subjective well-being (SWB) data to valueenvironmental attributes. A theoretical framework compares this method, also known as the lifesatisfaction approach, with the standard hedonic pricing approach, identifying their similarities and differences. As...

Persistent link: https://www.econbiz.de/10009465958

The Relationship Between Wildfire and Welfare

Kaval, Pamela; Loomis, John B. - 2005

We used the well-being evaluation method, a technique for measuring individual utility, to study how people in the wildland urban interface of Colorado (USA) felt about their lives before and after two wildfire scenarios. Variables such as age, family size, fire frequency, and house value were...

Persistent link: https://www.econbiz.de/10009443715

Happiness, Philosophy and Economics

Andrew Hodge - 2011

Happiness research is a new, rapidly growing and provocative aspect of economic science. In fact, there are now over 1 …,800 published papers on the subject, and it might be said that the ‘dismal science’ has come to be obsessed with happiness. This … is the ‘Easterlin Paradox’ – the finding that self-reported happiness does not always appear to grow in tandem with …

Persistent link: https://www.econbiz.de/10009448119

Happiness and Monetary Factors

De, Sanjay - 2008

Previous literature studying happiness, or subjective well-being, has mainly analyzedhappiness in relation to income … find thatnon-monetary factors are very important in explaining one’s level of happiness. …

Persistent link: https://www.econbiz.de/10009468252

Towards an Economics of Happiness

Norberg-Hodge, Helena; Gorelick, Steven - 2004

fundamental to human well-being, indeed to human happiness. As we shall see, globalisation has done much to fragment community and … localisation.Many people around the world have looked to the King's aspiration to foster Gross National Happiness in Bhutan for …

Persistent link: https://www.econbiz.de/10009468653

Macroeconomic Determinants of the Happiness of the Poor: A Case Study of Pakistan

Shahbaz, Muhamm; Aamir, Naveed - 2008

There is not much research on welfare-economics from the perspective of human wellbeing (happiness). The main reason is … authors tried to capture it (happiness) from the opposite side of the poverty index. We employed the modified ARDL technique … for long-run friendship between the happiness of the poor and some macroeconomic influencing factors; short-run dynamic …

Persistent link: https://www.econbiz.de/10009468683

Fairly satisfied : economic equality, wealth and satisfaction

O'Connell, Michael F. - 2004

Research appears to demonstrate that economic variables are only marginally predictive of levels of social satisfaction. It was hypothesised that a greater association might be found between satisfaction and equality of income distribution rather than between satisfaction and size of income. The...

Persistent link: https://www.econbiz.de/10009475682

THE RELATIONSHIP BETWEEN INCOME, WEALTH, AND LIFE SATISFACTION

Hitaj, Ermal - 2010

This dissertation inquires into the relationship between income, aspirations, and life satisfaction in post-transition Russia. It first explores the channels through which adaptation and social comparison contribute to higher income aspirations. The results show that social comparison is a...

Persistent link: https://www.econbiz.de/10009450924