ABSTRACT. This study analyses the relationship between subjective and objective measures of well-being in selected European countries using the data of the European Community Household Panel (ECHP). In the first part of the paper, we develop a random-effect ordered probit model, separately for each country, relating the subjective measure of income satisfaction to actual income, and controlling for some individual and household socio-demographic fixed effects. In the second part of the paper, we fit a Bayesian cross-classified multilevel model, in order to control for intra-family correlation in subjective well-being, which actually appears to be present. KEY WORDS: economic well-being, panel data, subjective well-being

The richier, the happier? An empirical investigation based on the European Community Household Panel

SEGHIERI, Chiara
;
2006-01-01

Abstract

ABSTRACT. This study analyses the relationship between subjective and objective measures of well-being in selected European countries using the data of the European Community Household Panel (ECHP). In the first part of the paper, we develop a random-effect ordered probit model, separately for each country, relating the subjective measure of income satisfaction to actual income, and controlling for some individual and household socio-demographic fixed effects. In the second part of the paper, we fit a Bayesian cross-classified multilevel model, in order to control for intra-family correlation in subjective well-being, which actually appears to be present. KEY WORDS: economic well-being, panel data, subjective well-being
2006
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11382/4523
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