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What Good is Happiness?

Author

Listed:
  • Marc Fleurbaey
  • Erik Schokkaert
  • Koen Decancq
Abstract
In this paper we examine whether, and how, welfare economics should incorporate some insights from happiness and satisfaction studies. Our main point, based on the principle of respecting the individuals' judgments about their own lives, is that one should not focus on reported satisfaction levels but on the ordinal preferences reported by individuals over the various dimensions of life. We illustrate with data from the Russian Longitudinal Monitoring Survey (RLMS) how to retrieve this information from happiness surveys.

Suggested Citation

  • Marc Fleurbaey & Erik Schokkaert & Koen Decancq, 2008. "What Good is Happiness?," OPHI Working Papers 20, Queen Elizabeth House, University of Oxford.
    • Handle: RePEc:qeh:ophiwp:ophiwp020
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    File URL: https://ophi.org.uk/working-paper-number-20/
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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