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The Pursuit of Subjective Well-Being Through Specific Consumption Choice

Stefan Zimmermann

出版	SSRN, 2014
URL	http://books.google.com.hk/books?id=uXcczwEACAAJ&hl=&source=gbs_api

註釋

This paper looks at the association of specific consumption goods with subjective well-being (SWB), using a representative sample of US individuals. There is a vast economic literature on the relationship between income and SWB, but surprisingly very little on how individuals spend their income and the associated effects on SWB. Different consumption goods allow to test whether, and through which channels, income might affect SWB. I use panel methods to account for individual heterogeneity. Ordered choice models are used to address the ordinal nature of the SWB data. Unlike linear regression models, this avoids nonsensical out-of-bound predictions and improves efficiency. Total consumption is significantly associated with SWB, but only via certain consumption goods. Consumption is associated with SWB mainly through experiential and conspicuous expenses. Evidence for a causal effect of consumption on SWB is provided.