Measuring inequality of subjective well-being: A Bayesian approach

Hikaru Hasegawa and Kazuhiro Ueda

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2011, vol. 40, issue 5, 700-708

Abstract: This article proposes a new measure for inequality of subjective well-being and shows the empirical results using a Bayesian ordered probit model. We introduce a new concept called “regret” as a measure for inequality of subjective well-being. Regret is the probability with which a respondent who chooses an option in a multiple-choice question pertaining to subjective well-being does not choose any other option indicative of better well-being. Regret is estimated in connection with demographic factors using the Markov chain Monte Carlo (MCMC) method and data of the World Values Survey. Furthermore, the relationships between regret and GDP per capita and the changes therein are shown to investigate those between inequality of subjective well-being and economic conditions.

Keywords: Bayesian ordered probit model; Markov chain Monte Carlo (MCMC); Regretted subjective well-being (search for similar items in EconPapers)
JEL-codes: C11 C35 D63 I3 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:40:y:2011:i:5:p:700-708

DOI: 10.1016/j.socec.2011.05.009

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