Estimating worldwide life satisfaction

Whilst studies of life satisfaction are becoming more common-place, their global coverage is far from complete. This paper develops a new database of life satisfaction scores for 178 countries, bringing together subjective well-being data from four surveys and using stepwise regression to estimate scores for nations where no subjective data are available. In doing so, we explore various factors that predict between-nation variation in subjective life satisfaction, building on Vemuri and Costanza's (Vemuri, A.W., & Costanza, R., 2006. The role of human, social, built, and natural capital in explaining life satisfaction at the country level: toward a National Well-Being Index (NWI). Ecological Economics, 58:119-133.) four capitals model. The main regression model explains 76% of variation in existing subjective scores; importantly, this includes poorer nations that had proven problematic in Vemuri and Costanza's (Vemuri, A.W., & Costanza, R., 2006. The role of human, social, built, and natural capital in explaining life satisfaction at the country level: toward a National Well-Being Index (NWI). Ecological Economics, 58:119-133.) study. Natural, human and socio-political capitals are all found to be strong predictors of life satisfaction. Built capital, operationalised as GDP, did not enter our regression model, being overshadowed by the human capital and socio-political capital factors that it inter-correlates with. The final database presents a stop-gap resource that, until robust surveys are carried out worldwide, allows comparisons of subjective life satisfaction between nations to be made with reasonable confidence.     

Income comparison,gender roles and life satisfaction

This article uses data from the German Socio-Economic Panel to analyse the effect of within household income comparison on individual life satisfaction. Our within couple and individual fixed-effects panel estimates suggest that gender roles influence subjective well-being (SWB). A primary breadwinner wife decreases a couple’s individual happiness by eight per cent. The article adds to the findings on interdependence of SWB and hints at negative consequences of traditional gender identity norms for individual happiness.     

Oil prices and life satisfaction: asymmetries between oil exporting and oil importing countries

In spite of general consensus on the importance of oil prices for objective measures of economic well-being across countries, almost no research has been carried out to analyse the effects of oil prices on subjective well-being internationally. Using the World Values Survey (2009 World Values Survey 1981–2008 Official Aggregate v.20090901. (2009) World Values Survey Association, Aggregate File Producer: ASEP/JDS, Madrid. Available at www.worldvaluessurvey.org (accessed September 2010). [Google Scholar]), we help fill this gap by studying the effects of oil prices on life satisfaction for two groups of countries, oil importers and oil exporters. Although some previous studies have shown negative effects of oil prices on subjective well-being of one oil importing country the United States, since it is an outlier in terms of dependence on automobiles and in gasoline consumption per capita, these findings may not be representative of other oil importing countries. Our results show that, in fact, oil prices have quite strong negative effects on life satisfaction in a sample of over 40 oil importing countries. By contrast, for oil exporting countries for which there have been virtually no previous quantitative studies, but theoretical analyses suggest the results could be ambiguous, we find strong positive effects on life satisfaction. Hence, our results reveal quite strong asymmetries in the effects of oil prices on life satisfaction between oil importers and oil exporters.     

Extreme bounds of subjective well-being: economic development and micro determinants of life satisfaction

This article presents a global sensitivity analysis of micro determinants of life satisfaction (LS), a subjective well-being (SWB) measure of quality of life, as it relates to economic development. We test 53 micro variables using extreme bound analysis on a pooled cross-section data from the World Value Survey representing 98 countries between 1989 and 2014. Several standard variables frequently included in SWB regressions are controlled for. The test variables are broadly categorized as demographic, personal–economic, individual traits and values, social attitudes and collectivism, social relationships and perceptions of control. We find subjective health status, household income rank, family savings, religiosity, most perceptions of control and several social attitudes and collectivism measures to be universal LS determinants. Generally, the determinants of LS vary by a country’s level of economic development. In particular, we provide suggestive evidence that as countries develop, certain needs are satisfied and stop being important contributors to LS while others take their place.     

The causal effect of income on life satisfaction and the implications for valuing non-market goods

Employing the life satisfaction approach to value physical health, this paper illustrates the use of a subset of windfall income (restricted windfall income) as a substitute for the more conventional household income monetary measure. Results provide no evidence against the exogeneity of restricted windfall income and indicate that the causal effect of income on life satisfaction is substantially higher (and willingness-to-pay estimates substantially lower) when restricted windfall income is used. Further research should be devoted to looking into the presence and size of measurement errors in restricted windfall income. If this bias is large, then the quest for valid and strong instruments will continue.     

Life satisfaction and self-employment in different types of occupations

In this research, we investigate whether a positive relationship between life satisfaction and self-employment (versus paid employment) exists while simultaneously considering two occupational dimensions: white-collar versus blue-collar work and high-skilled versus low-skilled work. Using Eurobarometer data for a large number of European countries (2008–2012), our findings confirm that self-employed workers are more satisfied with their lives than paid employees are. A life satisfaction premium is also found when the self-employed and paid employees are compared within similar occupations in terms of collar type and skill level. Finally, self-employment can help to overcome low life satisfaction scores associated with blue-collar and low-skilled work.     

Changes in health-related quality of life: a compensating income variation approach

This paper investigates the relationship between negative changes in health and life satisfaction, using a sample from the Household, Income and Labour Dynamics of Australia Survey. We use panel data models and estimate the life satisfaction impact of several different changes in health status to calculate the Compensating Income Variation (CIV) of them. Our work innovates with respect to the existing literature by using a more robust CIV method that takes account of the potential measurement error in income. Further, we produce the first set of monetary values for health losses using SF-6D utility values, one of the main measures used to estimate and value health change for economic evaluation. We show that negative changes in SF-6D are significantly associated with a reduction in life satisfaction, and the starting point matters: a drop of 0.1 in SF-6D score is associated with a decrease of 0.12 points in life satisfaction if the starting utility value is 0.8, but the effect is 100% higher if the SF-6D starting point is 0.7. More generally, we find that a 0.1 deterioration in SF-6D has a strong association with life satisfaction and that the CIV value is substantial (over US$ 120,000).     

Religious polarization,religious conflicts and individual financial satisfaction: Evidence from India

The extant literature finds religion to be a major determinant of life satisfaction. However, in contexts characterized by religious tensions, the outcome may be very different. In particular, the literature shows that religious polarization has a major influence on some economic outcomes. The analysis presented in the paper tries to identify the impact of religious polarization on a major component of life satisfaction: financial satisfaction. The paper inquires how belonging to a minority religion and living in areas with different levels of religious polarization affect the individual satisfaction with the financial situation of the household. The results show that the members of minority religious groups are less satisfied than the members of the dominant group, and that the financial satisfaction decreases—for a given income—as the religious polarization increases.     

Including vulnerable groups in financial services: insights from consumer satisfaction

The crisis brought into relief problems within the financial sector which seriously affected consumer trust. This paper provides new evidence on the experiences of two socio-economic groups associated with potential vulnerability – the less educated and the elderly – with financial service markets across Europe. We find that the less educated and the elderly are less satisfied and experience greater difficulties than other consumers as regards complaining, comparing offers, or switching, in the mortgage, and investment product and bank account markets, respectively. This evidence is of use to policy-makers seeking ways of improving financial regulation from a consumer perspective.     

Life satisfaction and air quality in London

A growing body of research in economics concerns self-reported happiness, or life satisfaction (LS), and its relationship to a wide range of other variables. The findings of this research tend to highlight the importance of non-income aspects of individuals' life conditions.These findings are strongly complementary to themes within the sustainable development discourse. Firstly, they suggest ways in which we might consume less without compromising on our current levels of LS. And secondly, they help demonstrate the immediate LS benefits that could be gained from higher levels of environmental quality (EQ). However, the empirical evidence for the link between EQ and LS is, to date, somewhat weak, due in part to a lack of EQ data at a level of detail to match the individual-by-individual resolution of LS measures.This small, exploratory study therefore seeks to assess how the use of EQ data at very high spatial resolution could advance the empirical literature examining connections between LS and EQ levels, focusing on air quality in particular. It collects original survey data for approximately 400 Londoners, and uses geographical information system (GIS) software to calculate pollutant concentrations in the immediate vicinity of their homes. It uses this data to estimate maximum likelihood regression models explaining LS ratings in terms of a range of individual, household and local variables.Both perceived and measured air pollution levels are significantly negatively associated with the LS of the survey respondents, even when controlling for a wide range of other effects. An increase of 10 μg/m³ in annual mean nitrogen dioxide concentration appears to correspond on average to a drop of nearly half a point of LS on an 11-point rating scale.These findings cannot yet be generalised with confidence. However, if they were confirmed by larger future studies, they would appear to strengthen and extend existing arguments in favour of policies to reduce urban air pollution, framed both in terms of conventional economic efficiency analyses, and in wider political and ethical (and potentially legal) terms.     

Assessing macroprudential regulation: the role of the zero lower bound

We look at the interaction between the zero lower bound (ZLB) and flexible macroprudential regulation (FMR). After an adverse demand shock, FMR contributes to financial stability irrespective of the ZLB and also to macroeconomic stabilization if the ZLB binds.     

Formal institutions and subjective well-being: Revisiting the cross-country evidence

A long tradition in economics explores the association between the quality of formal institutions and economic performance. The literature on the relationship between such institutions and happiness is, however, rather limited, and inconclusive. In this paper, we revisit the findings from recent cross-country studies on the institution–happiness association. Our findings suggest that their conclusions are qualitatively rather insensitive to the specific measure of ‘happiness’ used, while the associations between formal institutions and subjective well-being differ among poor and rich countries. Separating different types of institutional quality, we find that in low-income countries the effects of economic–judicial institutions on happiness dominate those of political institutions, while analyses restricted to middle- and high-income countries show strong support for an additional beneficial effect of political institutions. Our results bear important implications that we discuss in the concluding section of the paper.     

Consumption over the life cycle: The role of annuities

We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over the life cycle. Our model exhibits life cycle consumption that is consistent with this pattern. Our calibrated model, which includes an unfunded social security system, displays a hump shape but the peak occurs later in the life cycle than in the data. Adding a bequest motive causes this decline to begin at a younger age.     

Media use and life satisfaction: the moderating role of social events

This study investigates whether and how social events, which have specific impact levels and consequences, influence the relationships between the use of different types of media and media users’ life satisfaction. The impact levels refer to the number of impact factors, which characterize social events (relevance, non-polarization, certainty, radicalness and proximity). The consequences, in turn, refer to the outcomes for media users (positive or negative outcomes). The results are based on data from the Standard Eurobarometer survey (N = 73,860) as well as on data from a content analysis and cover 36 social events in 13 European countries over a time period of 6 years. The moderated moderation analysis reveals that social events only influence the effects of the use of more interactive media types (the internet and social network sites) on media users’ life satisfaction, but they don’t influence the effects of the use of less interactive media types (written press, radio and TV) on media users’ life satisfaction. In fact, social events with positive consequences increase these effects, while social events with negative consequences buffer these effects. Previous research has investigated how the use of different types of media or specific social events affect people’s life satisfaction. This study contributes to the literature by revealing how social events and media use interact and thereby influence media users’ life satisfaction.     

Connecting life science entrepreneurs with resources and expertise: the role of iungens brokerage in life science innovation

Life science innovation demands detailed expertise at each stage of the development of a commercial product. Besides a perceived shortage of venture capital, venturing life science companies face the challenge of limited access to qualified expertise in regulatory affairs and commercialisation. Examining a bio hub initiative at a major pharmaceutical company, a form of in-house incubator wherein life science companies can both take advantage of laboratory facilities and the stock of expertise of the hosting company, it is argued that such initiatives support the life science innovation field. Taking on an iungens brokerage role, the hosting company effectively connects previously separated actors, thus lowering the transaction costs incurred when accessing qualified scientific, regulatory, and commercial know-how, which are all of great value to life science companies during the venturing phase. The iungens brokerage role thus represents a highly valuable position in the field of life science innovation.     

多层次模糊模型在企业顾客满意度测评中的应用研究

运用模糊集合的原理,对顾客满意度、顾客满意度均值和顾客满意度指数赋予了新的定义,在此基础上提出了企业顾客满意度的多层次模糊测评模型,以提高测评的准确性。     

The role of interviewer encounters in panel responses on life satisfaction

This note examines a common explanation why participants of panel surveys may report declining life satisfaction over time. In line with the argument of developing trust relationships between interviewers and interviewees, the analysis reveals positive effects in reported life satisfaction when the person conducting the interview changes to an unfamiliar individual. Yet, the evidence also shows that the overall decline is determined by years in the panel, rather than by number of encounters with one specific interviewer.     

Assessing the impact of different workplace flexibilities on workplace stress in the presence of varying degrees of job control

We apply probit and propensity score matching to 1667 respondents from the 2008 National Survey of the Changing Workforce to quantify how workers’ self-reported stress levels vary under two different workplace flexibilities and varying degrees of job control. The first workplace flexibility considered is the ability to easily take time off for personal and family matters; the second is the option of a compressed work week. Our findings suggest that the first flexibility correlates with lower stress reports regardless of job control level. The second flexibility, however, correlates with lower stress levels only for workers with low levels of job control. This suggests that a compressed work week does not reduce stress for workers that already have high levels of job control. The more general conclusion is that some flexibilities are substitutes for job control whereas other are not, assuming the larger goal is the reduction of workplace stress and the various maladies exacerbated by stress.     

收入满足度差距的国别比较及其启示

一般认为,基尼系数达到0.4以上,社会将会出现危机.本文根据目前运用比较广泛的GSS、GSOEP、WVS、RUSSET等数据库,计算了美国、俄国、德国及其它29国的基尼系数、收入满足度均值及收入满足度差距,进行了历史纵向比较和同期横向比较,并对这三个数据进行了两两之间的相关性分析.笔者认为基尼系数、收入满足度差距、收入满足度均值三者结合,能很好地描述一个社会的福利水平和福利分配状况.     

The role of natural capital in supporting national income and social welfare

Using life satisfaction as a proxy for social welfare, this study contributes to the extant literature by empirically demonstrating that natural capital contributes to social welfare, functioning in part through increasing national income and in part through its direct effect on life satisfaction; the direct effect is approximately 40% greater than the indirect effect. This suggests that the true welfare benefits of natural capital may not be adequately reflected in conventional economic data and, therefore, studies seeking to evaluate the contribution of natural capital to human well-being should consider employing data sets that capture subjective elements of welfare. The magnitudes of the reported marginal effects of natural capital on social welfare, however, are small. This is perhaps due to the fact that (1) there are shortcomings in the measure of natural capital; (2) life satisfaction effects are unlikely to reflect the poorly understood benefits that natural capital provides; and (3) keystone species (such as mosquitoes) and integral ecosystems (such as wetlands) may be negatively associated with life satisfaction, even though such components of natural capital are vitally important to sustaining ecosystems and human life