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Evolutionary efficiency and distributive effects of inertia in cross-country life-satisfaction

Author

Listed:
  • Tapas Mishra

    (School of Management, Southampton University, Southampton, S017 1BJ, UK)

  • Mamata Parhi

    (Department of Accounting, Finance and Economics Swansea University Swansea, SA2 8PP, UK)

  • Claude Diebolt

    (BETA, University of Strasbourg Strasbourg, France)

Abstract
This paper is broadly concerned with understanding the role of evolutionary efficiency in happiness realization. Towards this end, we examine the (distributive and) non-linear effects of inertia in a cross-country setting. We develop a general model of happiness inertia and study its properties in a stochastic and non-linear environment. This allows us to map out the net effects of evolutionary efficiency through 'adaptive capability' in an environment where stochastic shocks are both mean reverting and non mean-reverting. Our empirical estimation for a set of developed economies demonstrate that the adjustment of realized happiness to a stochastic non-mean reverting shock is non-linear implying the involvement of complex socio-economic processes in happiness perception. Moreover, we also find that the adjustment of current level of happiness to the past follows a heterogeneous distribution once again indicating that the extent of temporal (inter-)dependence is non-unique across the happiness distribution. Our results hold interesting policy implications.
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Suggested Citation

  • Tapas Mishra & Mamata Parhi & Claude Diebolt, 2014. "Evolutionary efficiency and distributive effects of inertia in cross-country life-satisfaction," Working Papers 06-14, Association Française de Cliométrie (AFC).
    • Handle: RePEc:afc:wpaper:06-14
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    References listed on IDEAS

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    1. Mototsugu Shintani & Oliver Linton, 2003. "Is There Chaos in the World Economy? A Nonparametric Test Using Consistent Standard Errors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(1), pages 331-357, February.
    2. Tapas MISHRA & Mamata PARHI & Claude DIEBOLT, 2014. "Evolutionary efficiency and distributive effects of inertia in cross-country life-satisfaction," Economies et Sociétés (Serie 'Histoire Economique Quantitative'), Association Française de Cliométrie (AFC), issue 49, pages 1335-1356, Août.
    3. Luo Lu & Robin Gilmour, 2004. "Culture and conceptions of happiness: individual oriented and social oriented swb," Journal of Happiness Studies, Springer, vol. 5(3), pages 269-291, September.
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    5. Azomahou, Théophile & Mishra, Tapas, 2008. "Age dynamics and economic growth: Revisiting the nexus in a nonparametric setting," Economics Letters, Elsevier, vol. 99(1), pages 67-71, April.
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    7. Ruut Veenhoven & Floris Vergunst, 2014. "The Easterlin illusion: economic growth does go with greater happiness," International Journal of Happiness and Development, Inderscience Enterprises Ltd, vol. 1(4), pages 311-343.
    8. Emanuele Felice, 2014. "GDP and convergence in modern times," Working Papers 01-14, Association Française de Cliométrie (AFC).
    9. Easterlin, Richard A. & Angelescu McVey, Laura, 2009. "Happiness and Growth the World Over: Time Series Evidence on the Happiness-Income Paradox," IZA Discussion Papers 4060, Institute of Labor Economics (IZA).
    10. Bottan, Nicolas Luis & Perez Truglia, Ricardo, 2011. "Deconstructing the hedonic treadmill: Is happiness autoregressive?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(3), pages 224-236, May.
    11. Tapas Mishra & Mamata Parhi & Raúl Fuentes, 2015. "How Interdependent are Cross-Country Happiness Dynamics?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 122(2), pages 491-518, June.
    12. Luis Rayo & Gary S. Becker, 2007. "Evolutionary Efficiency and Happiness," Journal of Political Economy, University of Chicago Press, vol. 115(2), pages 302-337.
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    1. Tapas MISHRA & Mamata PARHI & Claude DIEBOLT, 2014. "Evolutionary efficiency and distributive effects of inertia in cross-country life-satisfaction," Economies et Sociétés (Serie 'Histoire Economique Quantitative'), Association Française de Cliométrie (AFC), issue 49, pages 1335-1356, Août.

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