The Marginal Utility of Income

Layard, Richard; Mayraz, Guy; Nickell, Stephen

doi:10.2139/ssrn.1096202

Cited by 86 publications

(87 citation statements)

References 22 publications

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“…11 Figure A3 in the appendix provides a choropleth map for the average fear of crime per region in 2012. Baarsma, 2005;Layard et al, 2008). Among other things, life satisfaction depends on an individual's income y i and exposure to crime c i , whereby w i can be written as…”

Section: Empirical Strategymentioning

confidence: 99%

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Putting a Price Tag on Security: Subjective Well-Being and Willingness-to-Pay for Crime Reduction in Europe

Brenig

Proeger

2016

J Happiness Stud

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Section: Empirical Strategymentioning

confidence: 99%

“…Furthermore, it is assumed that different individuals map their internal well-being identically onto a survey scale, with the result that r i (·) is reducible to r(·) (see Layard et al, 2008;Carbonell and Frijters, 2004). Reported life satisfaction can thus be written as…”

Section: Empirical Strategymentioning

confidence: 99%

Putting a Price Tag on Security: Subjective Well-Being and Willingness-to-Pay for Crime Reduction in Europe

Brenig

Proeger

2016

J Happiness Stud

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“…We estimate gender-specific α's, σ's and A's such that the model provides the best fit of observed life expectancy and the data on total personal health care spending by gender and age Layard et al, 2008). Recalling that σ coincides with the degree of relative risk aversion for time-separable utility, our estimates are also consistent with the result of several studies finding that women tend to be more risk averse than men in a vast majority of economic tasks.…”

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confidence: 99%

The gender gap in mortality: How much is explained by behavior?

Schünemann

Strulik

Trimborn

2017

Journal of Health Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract. In developed countries, women are expected to live about 4-5 years longer than men. In this paper we develop a novel approach in order to gauge to what extent gender differences in longevity can be attributed to gender-specific preferences and health behavior. For that purpose we set up a physiologically founded model of health deficit accumulation and calibrate it using recent insights from gerontology. Terms of use: Documents inFrom fitting life cycle health expenditure and life expectancy we obtain estimates of the gender-specific preference parameters. We then perform the counterfactual experiment of endowing women with the preferences of men. In our benchmark scenario this reduces the gender gap in life expectancy from 4.6 to 1.4 years. When we add gender-specific preferences for unhealthy consumption, the model can motivate up to 88 percent of the gender gap. Our theory offers also an economic explanation for why the gender gap declines with rising income.

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“…WVS only provides household income band as income data. Therefore, following Layard et al (2008Layard et al ( , p.1850, we constructed the numerical values of income from the income bands. 16 Subjective well-being is investigated in WVS using multiple-choices questionnaires.…”

Section: Data and Bayesian Estimation Of Probit Modelmentioning

confidence: 99%

Measuring inequality of subjective well-being: A Bayesian approach

Hasegawa

Ueda

2011

The Journal of Socio-Economics

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This article proposes a new measure for inequality of subjective wellbeing and shows the empirical results using a Bayesian ordered probit model. We introduce a new concept called "regret" as a measure for inequality of subjective well-being. Regret is the probability with which a respondent who chooses an option in a multiple-choice question pertaining to subjective well-being does not choose any other option indicative of better well-being. Regret is estimated in connection with demographic factors using the Markov chain Monte Carlo (MCMC) method and data of the World Values Survey. Furthermore, the relationships between regret and GDP per capita and the changes therein are shown to investigate those between inequality of subjective well-being and economic conditions.

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The Marginal Utility of Income

Cited by 86 publications

References 22 publications

Putting a Price Tag on Security: Subjective Well-Being and Willingness-to-Pay for Crime Reduction in Europe

Putting a Price Tag on Security: Subjective Well-Being and Willingness-to-Pay for Crime Reduction in Europe

The gender gap in mortality: How much is explained by behavior?

Measuring inequality of subjective well-being: A Bayesian approach

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