Econometrics

Download Happiness Quantified: A Satisfaction Calculus Approach by Bernard van Praag, Ada Ferrer-i-Carbonell PDF

By Bernard van Praag, Ada Ferrer-i-Carbonell

How will we degree happiness? this crucial and long-awaited ebook provides a brand new and unified method of the research of subjective pride and source of revenue evaluate. Drawing on empirical analyses of German, British, Dutch, and Russian information, it develops new method to set up a version of wellbeing and fitness consisting of delight with lifestyles as an entire and with quite a few domain names of existence. this technique is utilized to check person and collective norms, to build family-equivalence scales, to estimate healthiness damages, reimbursement for externalities, and the development of tax price lists, and to outline subjective inequalities with admire to future health, source of revenue, and different domain names of existence. Written for a large readership of social scientists, the e-book offers a theoretical and empirical step forward right into a new and fruitful technique within the social sciences.

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Extra info for Happiness Quantified: A Satisfaction Calculus Approach

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7 we present the resulting household-equivalence scales for the two countries. Plainly speaking, it implies that additional children in the UK are more expensive than in Germany. The explanation is probably that the family-allowance system and the size of education support is more austere in England than in Germany. Were the government to compensate completely for differences in family size, differences in family size would have no effect on financial satisfaction and the coefficient ft would equal zero.

We know that In (Z) lies in a specific interval (/^_i, /^]. That the cardinalization is 'rough' and not infinitely fine is only because of the practical impossibility of distinguishing between an infinity of adjacent response categories. This cardinalization depends on three factors: • the choice of the error distribution as normal; Analysis of Income Satisfaction 29 • the fixation of its variance at one; • the choice of the specific structural model. Hence, we conclude that the ordered-probit model leads to a cardinal-satisfaction concept and that the cardinalization depends on the above more or less arbitrary choice elements.

When we look at inequality of satisfactions with life as a whole, and when we remember from Chapter 4 that satisfaction with life as a whole may be seen as an aggregate of domain satisfactions, it is no wonder that we can break down satisfaction inequality with life as a whole in terms of domain satisfactions inequality. In Chapter 15 we look at the poverty phenomenon. Here, we can distinguish between the status of objective poverty and the subjective feeling of poverty. In our opinion an objective poverty definition in terms of a minimum income, or in terms of 'basic' needs runs the danger that some individuals who are officially declared to be 'poor' feel 'non-poor' and vice versa.

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