October 2013
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32 Reads
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2 Citations
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October 2013
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32 Reads
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2 Citations
April 2013
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455 Reads
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326 Citations
American Economic Review
Many scholars have argued that once “basic needs” have been met, higher income is no longer associated with higher in subjective well-being. We assess the validity of this claim in comparisons of both rich and poor countries, and also of rich and poor people within a country. Analyzing multiple datasets, multiple definitions of “basic needs” and multiple questions about well-being, we find no support for this claim. The relationship between well-being and income is roughly linear-log and does not diminish as incomes rise. If there is a satiation point, we are yet to reach it.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
January 2013
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6 Reads
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19 Citations
SSRN Electronic Journal
January 2013
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6 Reads
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6 Citations
SSRN Electronic Journal
January 2013
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6 Reads
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10 Citations
SSRN Electronic Journal
January 2013
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46 Reads
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93 Citations
SSRN Electronic Journal
January 2013
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9 Reads
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27 Citations
SSRN Electronic Journal
January 2013
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5 Reads
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2 Citations
SSRN Electronic Journal
January 2013
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8 Reads
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13 Citations
SSRN Electronic Journal
January 2013
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3 Reads
SSRN Electronic Journal
... Women who completed primary school were more likely to divorce than those who did not attend formal school. This finding was consistent with previous investigations 4, 6,45,46 . The possible reason for this study is that girls' education can raise women's marriage ages, and raising marriage ages would reduce divorce rates. ...
January 2010
... Our findings, particularly the multifaceted relationships between GDP, life satisfaction, and environmental metrics, resonate with a growing body of literature in the realm of the economics of happiness. Stevenson and Wolfers (2008) found a clear positive relationship between GDP and well-being across countries, a result we observed in our scatter plots, especially in the low to mid GDP per capita range. However, as GDP per capita increases, the clear-cut positive relationship with life satisfaction starts to fade, a trend similarly noted by Deaton (2008), who highlighted the complexities of equating economic growth with increased well-being. ...
January 2008
SSRN Electronic Journal
... This concept has been extended to other measures of inequality. Happiness and satisfaction inequality have been studied before in several contexts [32][33][34][35][36]. The model by Breeden and Leonova used a measure of inequality developed specifically for ordinal data by Kobus and Miłoś [37], which is a small variation on a previous measure by Naga and Yalcin [38] (4) ...
January 2008
SSRN Electronic Journal
... ). Considering previous studies(Sacks et al., 2010;Stevenson & Wolfers, 2013;Altindag & Xu, 2017;Rodriguez-Pose & Maslauskaite, 2012) that argued that an increase in per capita income will positively impact the life satisfaction of people, we include GDP growth as a control variable. For instance, investigating the individual and macro-level determinants of individual life satisfaction in 10 CEE countries, Rodriguez-Pose and Maslauskaite ...
January 2010
SSRN Electronic Journal
... Back in 1990, the United Nations considered health, education and income as the three major elements of social progress (expressed in the well-known Human Development Index). There is no doubt that income is a major conditioning of progress and happiness (Sacks et al., 2010), but the effect may not be linear. While some studies do not find a satiation point of income (Stevenson and Wolfers, 2013), the prevailing view is that high-income individuals obtain little improvements (if any) in SWB with additional income (Diener et al., 2002;Dolan et al., 2008;Mentzakis and Moro, 2009). ...
January 2010
SSRN Electronic Journal
... At the same time, studies on the association between inflation and unemployment and trust in other institutions remain scarce, especially in economics. In a rare exception, Stevenson and Wolfers (2011) examine the correlation between the unemployment rate and trust of different institutions in the United States and countries in the Gallup World Poll (for 2005-2010). The results suggest that unemployment is strongly associated with a decline in trust in financial institutions and national governments worldwide, which is even stronger among the OECD countries. ...
January 2011
SSRN Electronic Journal
... Researchers in this field aim to understand how economic policies, institutions, and activities impact people's overall life satisfaction and happiness. Recent analysis has reevaluated the relationship between economic growth and subjective well-being, implying that while economic expansion is associated with increased happiness, there may be decreasing returns in terms of happiness as economies advance [4], [5]. ...
January 2008
SSRN Electronic Journal
... Исследования второй половины XX в. чаще фиксировали бóльшую удовлетворенность жизнью у женщин, однако обнаружено, что в США с 1970-х гг. произошло снижение и абсолютных показателей благополучия у женщин, и относительное снижение этих характеристик относительно мужских (Stevenson, Wolfers, 2009). Авторы видят причины этого явления в снижении социальной сплоченности, увеличении тревожности, разнообразных факторах риска внутри семьи. ...
January 2009
SSRN Electronic Journal
... Contradictory to Easterlin's claim, Hagerty and Veenhoven (2003) concluded that there was no paradox, and countries did indeed get happier with increasing income. Deaton (2008), Caporale et al. (2009), Stevenson and Wolfers (2008) and Stevenson and Wolfers (2013) examined that increases in absolute income were linked to increased self-reported happiness, for both individual people and whole countries. They found a statistical relationship between happiness and the absolute income, suggesting that happiness increased more slowly than income, but no ''saturation point'' was ever reached. ...
January 2013
SSRN Electronic Journal
... We found an inverse relationship between high-wealth quintiles and internal women's satisfaction with life. This finding contradicts existing evidence that suggests that people with higher socioeconomic status, on average, enjoy higher life satisfaction(Quispe-Torreblanca et al., 2021;Stevenson & Wolfers, 2013). The current finding about the inverse relationship between high wealth quintiles and satisfaction with life demonstrates that life satisfaction is influenced by a variety of factors beyond economic considerations. ...
January 2013
SSRN Electronic Journal