The causal effect of income on life satisfaction and the implications for the life satisfaction approach
Survey
HILDA
Author(s)
Date Issued
2014-11
Keywords
Happiness
Life satisfaction
Income
Household, Income and Labour Dynamics in Australia (HILDA) Survey
Instrumental variable
Abstract
This paper illustrates the use of an exogenous shock (a major financial improvement) to value poor health and compares the valuation to the standard approach of using income. The findings indicate that the standard approach of using conventional income measures could overstate implicit willingness-to-pay estimates by over twice as much.
Conference Name
26th PhD Conference in Economics and Business
Conference Location
The Australian National University, Canberra
Conference Start date
2014-11-19
Conference End date
2014-11-19
External resource (Link)
Subject Keywords
DSS Main category
DSS Sub-category
Type
Conference Papers
