How does subjective well-being depend on the fate of others when a covariate shock strikes? In this paper, we address … this question by providing novel evidence on the impact of shock-induced damages experienced by individuals and their … reference group on life satisfaction. We do so by examining the case of pastoralists in Mongolia that faced a oncein-50-years …

to risk management in agriculture, and explores how four OECD countries – Australia, Canada, Italy and the Netherlands …