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Happiness: Revising Set-Point Theory and Dynamic Equilibrium Theory to Account for Long Term Change
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 127 (2007), Iss. 1 : pp. 85–94
1 Citations (CrossRef)
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Headey, Bruce
Cited By
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Market, Ethics and Religion
Happiness in the Hands of Empirical Economists
Pedersen, Peder J.
2023
https://doi.org/10.1007/978-3-031-08462-1_5 [Citations: 0]
Abstract
An adequate theory of happiness or subjective well-being (SWB) needs to link at least three sets of variables: stable person characteristics, life events and measures of well-being (life satisfaction, positive affects) and ill-being (anxiety, depression, negative affects). By including personality measures in the 2005 survey, SOEP becomes the first available dataset to provide long term evidence about personality, life events and change in one key measure of SWB, namely life satisfaction. Using these data, the paper suggests a major revision to the set-point or dynamic equilibrium theory of SWB in order to account for long term change.