Happiness and Gold Prices

Hans Byström

No 2020:1, Working Papers from Lund University, Department of Economics

Abstract: We use the Twitter-based Hedonometer happiness index to study the link between happiness and gold price changes. We find no significant correlation between the two when we look at correlations across the entire distributions. However, turning to an extreme value theory (EVT) modeling of the tails of the non-normally distributed happiness distribution we find that during particularly depressing days the gold price often goes up. In a sense, gold is found to serve as a happiness-related safe haven, i.e. as a hedge against extreme unhappiness.

Keywords: Twitter; happiness; Hedonometer; gold price; tail; extreme value theory (search for similar items in EconPapers)
JEL-codes: D83 G14 G41 G50 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2020-02-24
New Economics Papers: this item is included in nep-hap and nep-rmg
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Journal Article: Happiness and Gold Prices (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:lunewp:2020_001

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