Unmet aspirations as an explanation for the age U-shape in human wellbeing

Arbeitspapier

A large literature in behavioral and social sciences has found that human wellbeing follows a U-shape over age. Some theories have assumed that the U-shape is caused by unmet expectations that are felt painfully in midlife but beneficially abandoned and experienced with less regret during old age. In a unique panel of 132,609 life satisfaction expectations matched to subsequent realizations, I find people to err systematically in predicting their life satisfaction over the life cycle. They expect - incorrectly - increases in young adulthood and decreases during old age. These errors are large, ranging from 9.8% at age 21 to -4.5% at age 68, they are stable over time and observed across socio-economic groups. These findings support theories that unmet expectations drive the age U-shape in wellbeing.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: SOEPpapers on Multidisciplinary Panel Data Research ; No. 580

Classification and Topics

• Classification: Wirtschaft ; Relation of Economics to Other Disciplines ; Welfare, Well-Being, and Poverty: General ; Expectations; Speculations
• Subject: life satisfaction ; expectations ; aging

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Schwandt, Hannes
• Event: Veröffentlichung
• (who): Deutsches Institut für Wirtschaftsforschung (DIW)
• (where): Berlin
• (when): 2013

Further information

• Handle: http://hdl.handle.net/10419/83489
• Last update: 10.03.2025, 11:44 AM CET