Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences*

Romina Boarini, Marc Fleurbaey, Fabrice Murtin and Paul Schreyer
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Romina Boarini: OCDE - Organisation de Coopération et de Développement Economiques = Organisation for Economic Co-operation and Development
Paul Schreyer: OCDE - Organisation de Coopération et de Développement Economiques = Organisation for Economic Co-operation and Development

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Abstract: We develop a distribution-adjusted welfare measure that aggregates income, unemployment, and longevity using individual weights that reflect heterogeneous preferences. The measure is implemented for 28 OECD countries for 2008–2013 to gauge the welfare effects of the Great Recession. Estimated shadow prices of one percentage point of unemployment and one year of longevity average 3.1 percent and 5.7 percent of household income, respectively. We find that the rate of GDP growth poorly reflects the social cost of the Great Recession. On average, GDP per capita stagnated across OECD countries between 2008 and 2013 while living standards of poor households fell by 5.3 percent annually.

Keywords: Beyond GDP; Measurement; Shadow prices; Value of statistical life; Welfare; Well-being; Living standards; Indicator (search for similar items in EconPapers)
Date: 2022-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03907676v1
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Citations: View citations in EconPapers (3)

Published in Scandinavian Journal of Economics, 2022, 124 (1), pp.104-138. ⟨10.1111/sjoe.12461⟩

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Journal Article: Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences (2022)
Working Paper: Well‐being during the Great Recession: new evidence from a measure of multi‐dimensional living standards with heterogeneous preferences* (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-03907676

DOI: 10.1111/sjoe.12461

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