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Subjective Economic Well-Being in Eastern Europe

Author

Listed:
  • Bernd Hayo

    (University of Essen)

  • Wolfgang Seifert

    (LDS, Düsseldorf)

Abstract

This paper analyses subjective economic well-being in several Eastern European countries from 1991 to 1995. Economic well-being explains a significant part of the variation in overall life satisfaction of Eastern Europeans. In an ordered logit model, the determinants of subjective economic well-being are analysed. Some results are very similar to typical findings in happiness regressions, such as a negative but u-shaped age effect, positive influences of education and relative income position, as well as a negative effect of unemployment. Differing results were found with regard to gender and marital status. Finally, comparing indicators of objective and subjective well-being on a macro level indicates that using a standard macro variable for cross-country comparisons in well-being, such as real GDP per capita, may provide misleading results during the early stages of transformation.

Suggested Citation

  • Bernd Hayo & Wolfgang Seifert, 2002. "Subjective Economic Well-Being in Eastern Europe," Development and Comp Systems 0203001, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpdc:0203001
    Note: Type of Document - ; prepared on IBM PC; pages: 25; figures: included
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    References listed on IDEAS

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    More about this item

    Keywords

    Eastern Europe; Economic Well-being; Happiness; Economic Transformation;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D60 - Microeconomics - - Welfare Economics - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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