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Stutzer, A., Frey, B. Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy. Journal of Contextual Economics – Schmollers Jahrbuch, 124(2), 191-231. https://doi.org/10.3790/schm.124.2.191
Stutzer, Alois and Frey, Bruno S. "Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy" Journal of Contextual Economics – Schmollers Jahrbuch 124.2, 2004, 191-231. https://doi.org/10.3790/schm.124.2.191
Stutzer, Alois/Frey, Bruno S. (2004): Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 124, iss. 2, 191-231, [online] https://doi.org/10.3790/schm.124.2.191

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Reported Subjective Well-Being: A Challenge for Economic Theory and Economic Policy

Stutzer, Alois | Frey, Bruno S.

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 124 (2004), Iss. 2 : pp. 191–231

31 Citations (CrossRef)

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Article Details

Stutzer, Alois

Frey, Bruno S.

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Abstract

Over the past few years, there has been a steadily increasing interest from economists in happiness research. This paper argues that reported subjective well-being is a satisfactory empirical approximation to individual utility and endeavors to provide an impression of this new, and challenging, development. We study data from the German Socio-Economic Panel to understand (i) the role of aspirations in the relationship between income and happiness better and (ii) the effect of unemployment on people's satisfaction with life. We discuss some of the consequences for economic policy and for economic theory.