Please use this identifier to cite or link to this item: https://hdl.handle.net/10620/17378
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dc.contributor.authorHeadey, Ben
dc.contributor.authorWooden, Men
dc.contributor.authorMuffels, Ren
dc.date.accessioned2019-04-13T03:34:45Zen
dc.date.accessioned2011-05-17T03:59:30Zen
dc.date.available2011-05-17T03:59:30Zen
dc.date.issued2004-07en
dc.identifier.isbnISSN 1328-4991 (Print) ISSN 1447-5863 (Online) ISBN 0 7340 3157 2en
dc.identifier.urihttps://hdl.handle.net/10620/17378en
dc.identifier.urihttp://hdl.handle.net/10620/3396en
dc.description.abstractThe accepted view among psychologists and economists alike is that economic well-being has a statistically significant but only weak effect on happiness/subjective well-being (SWB). This view is based almost entirely on weak relationships between household income and SWB. But income is clearly an imperfect measure of economic well-being. Also needed are measures of wealth (net worth) and consumption. Wealth provides economic security as well as income, and consumption expenditure is the most valid measure of current living standards. The paper uses household economic panel data from five countries – Australia, Britain, Germany, Hungary and the Netherlands – to provide a reconsideration of the impact of economic well-being on happiness. The main conclusion is that happiness is considerably more affected by economic circumstances than previously believed. In all five countries wealth affects life satisfaction more than income. In the countries for which consumption data are available (Britain and Hungary), non-durable consumption expenditures also prove at least as important to happiness as income. In the latter part of the paper, we undertake longitudinal analyses of the effects of changes in economic well-being on changes in satisfaction levels. The aim is to reassess psychological adaptation theory, which has been invoked to explain very weak and even non-significant relationships between change measures. Results from panel regression fixed effects models indicate that changes in wealth, income and consumption all produce significant, though not large, changes in satisfaction levels.en
dc.subject.classificationFinance -- Income (Salary and Wages)en
dc.subject.classificationFinanceen
dc.subject.classificationFinance -- Wealthen
dc.subject.classificationFinance -- Expenditure and constraints on expenditureen
dc.titleMoney Doesn't Buy Happiness … or Does It? A Reconsideration Based on the Combined Effects of Wealth, Income and Consumptionen
dc.typeReports and technical papersen
dc.identifier.urlhttp://www.melbourneinstitute.com/hildaen
dc.identifier.surveyHILDAen
dc.description.urlhttp://www.melbourneinstitute.com/hildaen
dc.description.institutionMelbourne Institute of Applied Economic and Social Researchen
dc.title.reportMelbourne Institute of Applied Economic and Social Research Working Paper Seriesen
dc.identifier.rishttp://flosse.dss.gov.au//ris.php?id=3657en
dc.description.pages31en
local.identifier.id3657en
dc.identifier.edition15/04en
dc.identifier.edition15-Apren
dc.subject.dssIncome, wealth and financesen
dc.subject.flosseIncome, wealth and financesen
dc.relation.surveyHILDAen
dc.old.surveyvalueHILDAen
item.openairetypeReports and technical papers-
item.grantfulltextnone-
item.fulltextNo Fulltext-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.cerifentitytypePublications-
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