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Social Preferences and Well-Being: Theory and Evidence

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  • Iwasaki, Masaki

Abstract

The education systems of many countries emphasize the development of prosocial preferences. Clarifying how these preferences are related to well-being is therefore essential. Although many studies have shown that particular prosocial behaviors increase subjective well-being, it is unclear whether prosocial preferences rather than prosocial behaviors are associated with greater well-being. This study presents a model in which differences in social preferences explain differences in subjective well-being. Then, using survey data from the United States, it finds an association between social preferences and well-being. We measured social preferences using the Slider Measure of social value orientation to evaluate prosociality as a continuous variable. Using the Pemberton Happiness Index, we also measured subjective well-being in terms of the multiple dimensions of general well-being, hedonic well-being, eudaimonic well-being, social well-being, and experienced well-being. Regression analysis revealed that the effect sizes of social value orientation on hedonic well-being and eudaimonic well-being were 0.19 and 0.15, respectively, which are comparable to the effect sizes of parenthood, income, and education.

Suggested Citation

  • Iwasaki, Masaki, 2022. "Social Preferences and Well-Being: Theory and Evidence," MPRA Paper 112198, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:112198
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    References listed on IDEAS

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    More about this item

    Keywords

    Social preferences; Well-being; Social value orientation; Prosociality; Happiness;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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