Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy

Alois Stutzer and Bruno Frey

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2004, vol. 124, issue 2, 191-231

Abstract: Over the past few years, there has been a steadily increasing interest from economists in happiness research. This paper argues that reported subjective well-being is a satisfactory empirical approximation to individual utility and endeavors to provide an impression of this new, and challenging, development. We study data from the German Socio-Economic Panel to understand (i) the role of aspirations in the relationship between income and happiness better and (ii) the effect of unemployment on people’s satisfaction with life. We discuss some of the consequences for economic policy and for economic theory.

JEL-codes: D60 I31 J60 (search for similar items in EconPapers)
Date: 2004
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