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The 60es turnaround as a test on the causal relationship between sociability and happiness

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  • Leonardo Becchetti

    (University of Rome Tor Vergata)

  • Elena Giachin Ricca

    (University of Rome Tor Vergata)

  • Alessandra Pelloni

    (University of Rome Tor Vergata)

Abstract

The nexus between relational life and life satisfaction is riddled with endogeneity problems. By investigating the causal relationship going from the first to the second variable we consider that retirement is a shock which increases the time investable in (outside job) relational life. As a consequence we instrument investment in relational goods with the aggregate exogenous age-retirement pattern. With such approach we document that investment in relational life has a positive and significant effect on life satisfaction. Consequences of our findings in terms of retirement effects and age-happiness pattern are also discussed.

Suggested Citation

  • Leonardo Becchetti & Elena Giachin Ricca & Alessandra Pelloni, 2009. "The 60es turnaround as a test on the causal relationship between sociability and happiness," Econometica Working Papers wp07, Econometica.
    • Handle: RePEc:ent:wpaper:wp07
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    6. Stefano Bartolini & Ennio Bilancini, 2011. "Social Participation and Hours Worked," Department of Economics University of Siena 620, Department of Economics, University of Siena.
    7. Stefano Bartolini & Ennio Bilancini & Francesco Sarracino, 2009. "Sociability Predicts Happiness: World-Wide Evidence from Time Series," Department of Economics University of Siena 579, Department of Economics, University of Siena.
    8. Stefano Bartolini & Ennio Bilancini & Maurizio Pugno, 2013. "Did the Decline in Social Connections Depress Americans’ Happiness?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 110(3), pages 1033-1059, February.
    9. Stefano Bartolini & Francesco Sarracino, 2017. "Twenty-Five Years of Materialism: Do the US and Europe Diverge?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(2), pages 787-817, September.
    10. Stefano Bartolini & Francesco Sarracino, 2014. "It's not the economy, stupid! How social capital and GDP relate to happiness over time," Papers 1411.2138, arXiv.org.
    11. Stefano Bartolini & Ennio Bilancini, 2010. "If not only GDP, what else? Using relational goods to predict the trends of subjective well-being," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 57(2), pages 199-213, June.
    12. Ricardo Pagan, 2016. "Are Relational Goods Important for People with Disabilities?," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 11(4), pages 1117-1135, December.
    13. Francesco Sarracino & Marcin Piekałkiewicz, 2021. "The Role of Income and Social Capital for Europeans’ Well-Being During the 2008 Economic Crisis," Journal of Happiness Studies, Springer, vol. 22(4), pages 1583-1610, April.
    14. BARTOLINI Stefano & SARRACINO Francesco, 2011. "Happy for How Long? How Social Capital and GDP relate to Happiness over Time," LISER Working Paper Series 2011-60, Luxembourg Institute of Socio-Economic Research (LISER).
    15. Bartolini, Stefano & Sarracino, Francesco, 2018. "Do People Care About Future Generations? Derived Preferences from Happiness Data," Ecological Economics, Elsevier, vol. 143(C), pages 253-275.
    16. Benedetto Gui & Luca Stanca, 2010. "Happiness and relational goods: well-being and interpersonal relations in the economic sphere," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 57(2), pages 105-118, June.
    17. Bartolini, Stefano & Sarracino, Francesco, 2014. "Happy for how long? How social capital and economic growth relate to happiness over time," Ecological Economics, Elsevier, vol. 108(C), pages 242-256.
    18. Francesco Sarracino, 2014. "Richer in Money, Poorer in Relationships and Unhappy? Time Series Comparisons of Social Capital and Well-Being in Luxembourg," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 115(2), pages 561-622, January.
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    Keywords

    life satisfaction; relational goods; social capital;
    All these keywords.

    JEL classification:

    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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