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

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Author Info
Alois Stutzer
Bruno S. Frey

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Abstract

Over the past few years, there has been a steadily increasing interest on the part of 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 better understand (i) the role of aspirations in the relationship between income and happiness 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.

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Publisher Info
Paper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2003-07.

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Date of creation: Jul 2003
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Handle: RePEc:cra:wpaper:2003-07

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Related research
Keywords: aspiration level; relative income; subjective well-being; unemployment; utility;

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Find related papers by JEL classification:
D60 - Microeconomics - - Welfare Economics - - - General
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
J60 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - General

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  1. Stutzer, Alois & Bruno S. Frey, 2004. "Stress That Doesn't Pay: The Commuting Paradox," IZA Discussion Papers 1278, Institute for the Study of Labor (IZA). [Downloadable!]
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  2. Simon Luechinger & Stephan Meier & Alois Stutzer, 2008. "Why Does Unemployment Hurt the Employed?: Evidence from the Life Satisfaction Gap between the Public and Private Sectors," SOEPpapers 106, DIW Berlin, The German Socio-Economic Panel (SOEP). [Downloadable!]
    Other versions:
  3. Strulik, Holger, 2008. "Comparing Consumption: A Curse or a Blessing?," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-382, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  4. Stephan Meier & Alois Stutzer, . "Is Volunteering Rewarding in Itself?," IEW - Working Papers iewwp180, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    Other versions:
  5. Bruno S. Frey & Alois Stutzer, . "Economic Consequences of Mispredicting Utility," IEW - Working Papers iewwp218, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    Other versions:
  6. Luechinger, Simon & Meier, Stephan & Stutzer, Alois, 2008. "Why Does Unemployment Hurt the Employed? Evidence from the Life Satisfaction Gap between the Public and the Private Sector," IZA Discussion Papers 3385, Institute for the Study of Labor (IZA). [Downloadable!]
  7. Alois Sutzer & Bruno S. Frey, 2005. "Does Marriage Make People Happy, Or Do Happy People Get Married?," IZA Discussion Papers 1811, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
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