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Allowing for heterogeneity in monetary subjective well-being valuations

Allowing for heterogeneity in monetary subjective well-being valuations
Allowing for heterogeneity in monetary subjective well-being valuations
Recent research on lsquohappinessrsquo regression equations has shown how monetary values can be put on the well-being effects of many life events (like health problems, marriage or the death of a spouse). Potentially, such work has practical implications for policy-makers and the courts. However, this article argues that we need to be careful in such work to use the appropriate statistical method. It goes beyond previous research and allows for heterogeneity in the subjective well-being scales. Using less restrictive models than the current literature, the article argues that standard linear or ordered response models seem consistently to overstate valuations. With data from the UK, it provides new monetary estimates of the well-being consequences of a number of health problems, social capital indicators, marital status changes and social relationships. Copyright © 2010 John Wiley & Sons, Ltd.
1099-1050
331-347
Mentzakis, Emmanouil
c0922185-18c7-49c2-a659-8ee6d89b5d74
Mentzakis, Emmanouil
c0922185-18c7-49c2-a659-8ee6d89b5d74

Mentzakis, Emmanouil (2011) Allowing for heterogeneity in monetary subjective well-being valuations. Health Economics, 20 (3), 331-347. (doi:10.1002/hec.1592).

Record type: Article

Abstract

Recent research on lsquohappinessrsquo regression equations has shown how monetary values can be put on the well-being effects of many life events (like health problems, marriage or the death of a spouse). Potentially, such work has practical implications for policy-makers and the courts. However, this article argues that we need to be careful in such work to use the appropriate statistical method. It goes beyond previous research and allows for heterogeneity in the subjective well-being scales. Using less restrictive models than the current literature, the article argues that standard linear or ordered response models seem consistently to overstate valuations. With data from the UK, it provides new monetary estimates of the well-being consequences of a number of health problems, social capital indicators, marital status changes and social relationships. Copyright © 2010 John Wiley & Sons, Ltd.

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Accepted/In Press date: March 2010
Published date: 2011
Organisations: Social Sciences

Identifiers

Local EPrints ID: 345159
URI: http://eprints.soton.ac.uk/id/eprint/345159
ISSN: 1099-1050
PURE UUID: 95736f32-ec4e-4813-8d38-a2985778b9d6
ORCID for Emmanouil Mentzakis: ORCID iD orcid.org/0000-0003-1761-209X

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Date deposited: 13 Nov 2012 16:34
Last modified: 27 Oct 2023 01:53

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