Satisfaction with Life and Economic Well-Being: Evidence from Germany

Conchita D’Ambrosio, Joachim Frick and Markus Jantti
Authors registered in the RePEc Author Service: Conchita D'Ambrosio

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2009, vol. 129, issue 2, 283-295

Abstract: The relationship between an individual’s economic well-being and satisfaction with own life has been the focus of many studies both within and across countries, in one period of time and over time. As a proxy of economic well-being household income both adjusted and unadjusted for household needs has been generally used. The aim of the present paper is to propose a more comprehensive measure of well-being considering the role that wealth and permanent income play in simultaneously determining satisfaction with life. The results, based on representative microdata from the German Socio-Economic Panel Study (SOEP), suggest that both income and wealth increase satisfaction, that long-run income is more appropriate than short-term income and that satisfaction with life is particularly high for those who are at the top of both the income and wealth distributions.

JEL-codes: D60 I30 (search for similar items in EconPapers)
Date: 2009
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