Arbeitspapier
Does the choice of well-being measure matter empirically? An illustration with German data
We discuss and compare five measures of individual well-being, namely income, an objective composite well-being index, a measure of subjective well-being, equivalent income, and a well-being measure based on the von Neumann-Morgenstern utilities of the individuals. After examining the information requirements of these measures, we illustrate their implementation using data from the German Socio-Economic Panel (SOEP) for 2010. We find sizeable differences in the characteristics of the individuals identified as worst of according to the different well-being measures. Less than 1% of the individuals belong to the bottom decile according to all five measures. Moreover, the measures lead to considerably different well-being rankings of the individuals. These findings highlight the importance of the choice of well-being measure for policy making.
- Sprache
-
Englisch
- Erschienen in
-
Series: SOEPpapers on Multidisciplinary Panel Data Research ; No. 717
Personal Income, Wealth, and Their Distributions
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Welfare, Well-Being, and Poverty: General
composite well-being index
life satisfaction
equivalent income
von Neumann-Morgenstern utility function
worst off
Germany
Neumann, Dirk
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Decancq, Koen
- Neumann, Dirk
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2014
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