Reference : Satisfaction with Life and Economic Well-Being: Evidence from Germany
Scientific journals : Article
Business & economic sciences : Social economics
Satisfaction with Life and Economic Well-Being: Evidence from Germany
D'Ambrosio, Conchita mailto [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Integrative Research Unit: Social and Individual Development (INSIDE) >]
Frick, Joachim [DIW Berlin, Berlin, Germany]
Jäntti, Markus [Åbo Akademi University, Turku, Finland]
Schmollers Jahrbuch
Duncker & Humblot
[en] Life satisfaction ; Well-Being ; SOEP
[en] The relationship between an individual's economic well-being and satisfaction with own life has been the focus of many studies both within and across countries, in one period of time and over time. As a proxy of economic well-being household income both adjusted and unadjusted for household needs has been generally used. The aim of the present paper is to propose a more comprehensive measure of well-being considering the role that wealth and permanent income play in simultaneously determining satisfaction with life. The results, based on representative microdata from the German Socio-Economic Panel Study (SOEP), suggest that both income and wealth increase satisfaction, that long-run income is more appropriate than short-term income and that satisfaction with life is particularly high for those who are at the top of both the income and wealth distributions.

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