Dynamic Analysis and the Economics of Happiness: Rationale, Results and Rules
MPRA Paper from University Library of Munich, Germany
This paper provides a sustained introduction for the use of dynamic panel methods when analysing life satisfaction. As well as being able to address the issue of serial correlation, dynamic panel analysis also has the advantage of being able to treat variables as exogenous or endogenous, important for happiness, and can generate both contemporaneous and long run estimates for independent variables. A key result found initially for young people, but which is robust to different age ranges and countries, is that happiness is largely contemporaneous although there is a small, persistent effect of the past on current happiness. Additionally, decision rules are provided for the analysis of happiness using dynamic panel analysis.
Keywords: Dynamic Panel Analysis; Happiness; Life Satisfaction (search for similar items in EconPapers)
JEL-codes: C33 I31 (search for similar items in EconPapers)
Date: 2012-06, Revised 2012-12
New Economics Papers: this item is included in nep-hap, nep-neu and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:43248
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