Putting a price tag on friends, relatives, and neighbours: Using surveys of life satisfaction to value social relationships
Nattavudh Powdthavee ()
Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2008, vol. 37, issue 4, pages 1459-1480
There is substantial evidence in the psychology and sociology literature that social relationships promote happiness for the individual. Yet the size of their impacts remains largely unknown. This paper explores the use of shadow pricing method to estimate the monetary values of the satisfaction with life gained by an increase in the frequency of interaction with friends, relatives, and neighbours. Using the British Household Panel Survey, I find that an increase in the level of social involvements is worth up to an extra Â£85,000 a year in terms of life satisfaction. Actual changes in income, on the other hand, buy very little happiness.
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (13) Track citations by RSS feed
Downloads: (external link)
http://www.sciencedirect.com/science/article/B6W5H ... 2ed2c172fbf7631f6b62
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:eee:soceco:v:37:y:2008:i:4:p:1459-1480
Access Statistics for this article
Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) is currently edited by Ofer Azar
More articles in Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) from Elsevier
Series data maintained by Shamier, Wendy ().