Happiness dynamics with quarterly life event data

Frijters, Paul, Johnston, David W. and Shields, Michael A. (2011) Happiness dynamics with quarterly life event data. Scandinavian Journal of Economics, 113 1: 190-211. doi:10.1111/j.1467-9442.2010.01638.x


Author Frijters, Paul
Johnston, David W.
Shields, Michael A.
Title Happiness dynamics with quarterly life event data
Journal name Scandinavian Journal of Economics   Check publisher's open access policy
ISSN 0347-0520
1467-9442
Publication date 2011-03
Sub-type Article (original research)
DOI 10.1111/j.1467-9442.2010.01638.x
Volume 113
Issue 1
Start page 190
End page 211
Total pages 22
Place of publication Oxford, United Kingdom
Publisher Wiley-Blackwell Publishing
Collection year 2012
Language eng
Abstract Using life satisfaction responses from Australian panel data we examine the questions of when and to what extent individuals are affected by major positive and negative life events, including changes in financial situation, marital status, death of a close relative, and being the victim of crime. The key advantage of our data is that we are able to identify these events on a quarterly basis rather than on the yearly basis used by previous studies. We find evidence that life events are not randomly distributed, that individuals anticipate major events to a large extent, and that they fully adapt to many events within 12 months. The estimates can be used to calculate monetary values needed to compensate individuals for life events. Using a new valuation methodology that incorporates these dynamic factors produces considerably smaller compensation valuations than those calculated using the standard approach.
Keyword Happiness
Anticipation
Adaptation
Compensation
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status Non-UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Non HERDC
School of Economics Publications
 
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Created: Thu, 20 Oct 2011, 15:42:18 EST by Paul Frijters on behalf of School of Economics