Navigating the Happiness Economics Landscape: Mapping the Influences on Life Satisfaction and Possible Interventions
Abstract
This study explores factors that influence subjective well-being in low- and middle-income
countries by analysing unique individual- and country-level data. The study focuses on several
unexplored determinants including personality traits, economic shocks and cultural differences.
UtilisingWorld Bank’s STEP household survey and WVS we find that extraversion, agreeableness
and emotional stability are positively associated with well-being. Both conscientiousness and
decision-making are shown to be negatively correlated with well-being. Furthermore, we find
that women’s subjective well-being is more negatively pronounced by increased conscientiousness
compared to men, and the same relationship holds for grit. Additionally, we find that children
experiencing economic shocks show a lower level of well-being later in life. From a policy
perspective, we find a positive and significant relationship between access to health insurance
and well-being. Indicating that having access to health insurance contributes to a, on average,
higher level of subjective well-being. These findings can be of use to future policymakers but
should also be further researched with the aim of causality.
Degree
Master 2-years
Other description
MSc in Economics
Collections
View/ Open
Date
2023-06-29Author
Bivolaku, Klendeta
Hellqvist, Linn
Keywords
Happiness Economics
Personality traits
Life satisfaction
World Bank’s STEP survey
WVS
Double-lasso
Forward selection
Series/Report no.
2023:178
Language
eng