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Extreme bounds of subjective well-being: economic development and micro determinants of life satisfaction

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  • Muhammad F. Bhuiyan
  • Radek S. Szulga

Abstract

This article presents a global sensitivity analysis of micro determinants of life satisfaction (LS), a subjective well-being (SWB) measure of quality of life, as it relates to economic development. We test 53 micro variables using extreme bound analysis on a pooled cross-section data from the World Value Survey representing 98 countries between 1989 and 2014. Several standard variables frequently included in SWB regressions are controlled for. The test variables are broadly categorized as demographic, personal–economic, individual traits and values, social attitudes and collectivism, social relationships and perceptions of control. We find subjective health status, household income rank, family savings, religiosity, most perceptions of control and several social attitudes and collectivism measures to be universal LS determinants. Generally, the determinants of LS vary by a country’s level of economic development. In particular, we provide suggestive evidence that as countries develop, certain needs are satisfied and stop being important contributors to LS while others take their place.

Suggested Citation

  • Muhammad F. Bhuiyan & Radek S. Szulga, 2017. "Extreme bounds of subjective well-being: economic development and micro determinants of life satisfaction," Applied Economics, Taylor & Francis Journals, vol. 49(14), pages 1351-1378, March.
    • Handle: RePEc:taf:applec:v:49:y:2017:i:14:p:1351-1378
    DOI: 10.1080/00036846.2016.1218426
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    Cited by:

    1. Fluhrer, Svenja & Kraehnert, Kati, 2022. "Sitting in the same boat: Subjective well-being and social comparison after an extreme weather event," Ecological Economics, Elsevier, vol. 195(C).
    2. Bhuiyan, Muhammad Faress & Ivlevs, Artjoms, 2019. "Micro-entrepreneurship and subjective well-being: Evidence from rural Bangladesh," Journal of Business Venturing, Elsevier, vol. 34(4), pages 625-645.
    3. Laura Cabiedes-Miragaya & Cecilia Diaz-Mendez & Isabel García-Espejo, 2021. "Well-Being and the Lifestyle Habits of the Spanish Population: The Association between Subjective Well-Being and Eating Habits," IJERPH, MDPI, vol. 18(4), pages 1-13, February.
    4. Muhammad Faress Bhuiyan, 2018. "Life Satisfaction and Economic Position Relative to Neighbors: Perceptions Versus Reality," Journal of Happiness Studies, Springer, vol. 19(7), pages 1935-1964, October.
    5. Giacomo Degli Antoni & Chiara Franco, 2022. "The effect of technological behaviour and beliefs on subjective well-being: the role of technological infrastructure," Journal of Evolutionary Economics, Springer, vol. 32(2), pages 553-590, April.
    6. Irene Daskalopoulou & Athanasia Karakitsiou & Christina Malliou, 2022. "A Multicriteria Analysis of Life Satisfaction: Assessing Trust and Distance Effects," SN Operations Research Forum, Springer, vol. 3(4), pages 1-20, December.
    7. Xiaoyu Yu & Xiaotong Meng & Laura Stanley & Franz W. Kellermanns, 2024. "Self-employment and life satisfaction: The contingent role of formal institutions," Small Business Economics, Springer, vol. 63(1), pages 135-163, June.
    8. Yuta J. Masuda & Jason R. Williams & Heather Tallis, 2021. "Does Life Satisfaction Vary with Time and Income? Investigating the Relationship Among Free Time, Income, and Life Satisfaction," Journal of Happiness Studies, Springer, vol. 22(5), pages 2051-2073, June.
    9. David G. Blanchflower & Carol L. Graham, 2022. "The Mid-Life Dip in Well-Being: a Critique," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 161(1), pages 287-344, May.
    10. Xie, Chengyuan & Jin, Xiaotong, 2023. "The role of digitalization, sustainable environment, natural resources and political globalization towards economic well-being in China, Japan and South Korea," Resources Policy, Elsevier, vol. 83(C).
    11. Liang, Wanqi & Li, Wenying, 2023. "Impact of internet usage on the subjective well-being of urban and rural households: Evidence from Vietnam," Telecommunications Policy, Elsevier, vol. 47(3).
    12. Hadsell, Lester & Jones, Adam T, 2020. "The company you keep: Satisfaction with life, economic freedom, and preference-policy mismatch," Journal of Comparative Economics, Elsevier, vol. 48(3), pages 642-657.
    13. Carol Graham, 2005. "The Economics of Happiness," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 6(3), pages 41-55, July.

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