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Recent advances in the economics of individual subjective well-being


Stutzer, Alois; Frey, Bruno S (2010). Recent advances in the economics of individual subjective well-being. Social Research: An International Quarterly, 77(2):679-714.

Abstract

Over the last decades, empirical research on subjective well-being in the social sciences has provided a major new stimulation of the discourse on individual happiness.
Recently this research has also been linked to economics where reported subjective wellbeing is often taken as a proxy measure for individual welfare. In our review, we intend to provide an evaluation of where the economic research on happiness stands and of three directions it might develop. First, it offers new ways for testing the basic assumptions of the economic approach and for going about a new understanding of utility. Second, it provides a
new possibility for the complementary testing of theories across fields in economics. Third, we inquire how the insights gained from the study of individual happiness in economics affect public policy.

Abstract

Over the last decades, empirical research on subjective well-being in the social sciences has provided a major new stimulation of the discourse on individual happiness.
Recently this research has also been linked to economics where reported subjective wellbeing is often taken as a proxy measure for individual welfare. In our review, we intend to provide an evaluation of where the economic research on happiness stands and of three directions it might develop. First, it offers new ways for testing the basic assumptions of the economic approach and for going about a new understanding of utility. Second, it provides a
new possibility for the complementary testing of theories across fields in economics. Third, we inquire how the insights gained from the study of individual happiness in economics affect public policy.

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41 citations in Web of Science®
52 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2010
Deposited On:04 Feb 2011 15:33
Last Modified:07 Dec 2017 06:54
Publisher:Center for Public Scholarship
ISSN:0037-783X
Official URL:http://socialresearch.metapress.com/openurl.asp?genre=article&issn=0037-783X&volume=77&issue=2&spage=679

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