Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis

Bernard van Praag

No 2568, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: After having been ignored for a long time by economists, happiness is becoming an object of serious research in 21st century economics. In Section 2 we sketch the present status of happiness economics. In Section 3 we consider the practical applicability of happiness economics, retaining the assumption of ordinal individual utilities. In Section 4 we introduce a cardinal utility concept, which seems to us the natural consequence of the happiness economics methodology. In Section 5 we sketch how this approach can lead to a normative approach to policy problems that is admissible from a positivist point of view. Section 6 concludes.

Keywords: equivalence scales; subjective well-being; happiness economics; economic policy (search for similar items in EconPapers)
JEL-codes: B21 B41 D63 I31 I38 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2007-01
New Economics Papers: this item is included in nep-cbe, nep-hpe, nep-ltv and nep-upt
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Citations: View citations in EconPapers (36)

Published - published in: CESifo Economic Studies, 2007, 53, 42-68

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Journal Article: Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis (2007)
Working Paper: Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis (2007)
Working Paper: Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis (2007)
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