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Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy

Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy
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Year:    2004

Author:    Stutzer, Alois, Frey, Bruno S.

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 124 (2004), Iss. 2 : pp. 191–231

Abstract

Over the past few years, there has been a steadily increasing interest from economists in happiness research. This paper argues that reported subjective well-being is a satisfactory empirical approximation to individual utility and endeavors to provide an impression of this new, and challenging, development. We study data from the German Socio-Economic Panel to understand (i) the role of aspirations in the relationship between income and happiness better and (ii) the effect of unemployment on people's satisfaction with life. We discuss some of the consequences for economic policy and for economic theory.

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/schm.124.2.191

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 124 (2004), Iss. 2 : pp. 191–231

Published online:    2004-02

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    41

Author Details

Stutzer, Alois

Frey, Bruno S.

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Section Title Page Action Price
Stutzer / Frey: Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy 191
Abstract 191
Zusammenfassung 191
1. Happiness and Economics 192
2. Measuring and Empirically Analyzing Happiness 193
2.1 Recognizing the limits of objective utility in traditional economics 193
2.2 A subjective measure of utility 194
2.3 Analyzing data of subjective well-being 197
3. Aspirations and the Relationshipbetween Income and Happiness 198
3.1 Two correlations between income and happiness 198
3.2 Determinants of income aspirations 202
3.3 An empirical test of the effect of income aspirations on individual well-being 203
3.4 Evidence for the role of adaptation in individual aspirations 209
4. The Unhappy Unemployed 213
4.1 Economists' discussion of voluntary and involuntary unemployment 213
4.2 Individual unemployment and subjective well-being 214
4.3 General unemployment and subjective well-being 220
5. lmplications and Concluding Remarks 222
Appendix 224
References 224