Title
Happiness, equivalent incomes and respect for individual preferences Happiness, equivalent incomes and respect for individual preferences
Author
Faculty/Department
Faculty of Social Sciences. Sociology
Publication type
article
Publication
London ,
Subject
Economics
Source (journal)
Economica / London School of Economics and Political Science. - London
Volume/pages
82(2015) :s:[1] , p. 1082-1106
ISSN
0013-0427
ISI
000368130900004
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
In this paper, we study interpersonal comparisons of wellbeing. We show that using subjective wellbeing (SWB) levels can be in conflict with individuals' judgments about their own lives. We propose therefore an alternative wellbeing measure in terms of equivalent incomes that respects individual preferences. We show how SWB surveys can be used to derive the ordinal information about preferences needed to calculate equivalent incomes. We illustrate our approach with Russian panel data (RLMS-HSE) for the period 19952003 and compare it to standard wellbeing measures such as expenditures and SWB. We find that different groups are identified as worst off.
E-info
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