Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference [post-print]
Document Type
Article
Department
Economics
Publication Date
2014
Abstract
This paper proposes foundations and a methodology for survey-based tracking of well-being. First, we develop a theory in which utility depends on "fundamental aspects" of well-being, measurable with surveys. Second, drawing from psychologists, philosophers, and economists, we compile a comprehensive list of such aspects. Third, we demonstrate our proposed method for estimating the aspects' relative marginal utilities—a necessary input for constructing an individual-level well-being index—by asking ~4,600 U.S. survey respondents to state their preference between pairs of aspect bundles. We estimate high relative marginal utilities for aspects related to family, health, security, values, freedom, happiness, and life satisfaction.
Comments
Author's post-print. Provided by the Trinity College Digital Repository according to the publisher's distribution policies.
Published as:
Daniel J. Benjamin, Ori Heffetz, Miles S. Kimball, and Nichole Szembrot. “Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference.” American Economic Review 104, no. 9 (2014): 2698-2735. https://www.aeaweb.org/articles.php?doi=10.1257/aer.104.9.2698