Andrew E. Clark, Sarah Flèche, Richard Layard, Nattavudh Powdthavee, and George Ward
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780691196336
- eISBN:
- 9780691196954
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691196336.003.0002
- Subject:
- Economics and Finance, Behavioural Economics
This chapter estimates the five sets of relationships discussed in the previous chapter, using two surveys. It first estimates relationships the first four sets, using the British Cohort Study data ...
More
This chapter estimates the five sets of relationships discussed in the previous chapter, using two surveys. It first estimates relationships the first four sets, using the British Cohort Study data (BCS) on children born in 1970. Then the chapter estimates the fifth relationship, using data on the British cohort born mainly in the county of Avon in 1991–1992. These are of course results for Britain, but they are typical of what is found across the advanced world. And though the analysis in the chapter is purely cross-sectional, the chapter also discusses panel estimation at length. At this point, the key lesson is the power of these studies to shed a completely new perspective on human life.Less
This chapter estimates the five sets of relationships discussed in the previous chapter, using two surveys. It first estimates relationships the first four sets, using the British Cohort Study data (BCS) on children born in 1970. Then the chapter estimates the fifth relationship, using data on the British cohort born mainly in the county of Avon in 1991–1992. These are of course results for Britain, but they are typical of what is found across the advanced world. And though the analysis in the chapter is purely cross-sectional, the chapter also discusses panel estimation at length. At this point, the key lesson is the power of these studies to shed a completely new perspective on human life.
Andrew E. Clark, Sarah Flèche, Richard Layard, Nattavudh Powdthavee, and George Ward
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780691196336
- eISBN:
- 9780691196954
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691196336.003.0003
- Subject:
- Economics and Finance, Behavioural Economics
This chapter shows that, while happiness is not the same with income, income still affects happiness. Indeed, the effect of income on happiness is one of the best-measured effects in all happiness ...
More
This chapter shows that, while happiness is not the same with income, income still affects happiness. Indeed, the effect of income on happiness is one of the best-measured effects in all happiness research. It presents the evidence to this effect. Again, the chapter begins with evidence from the British Cohort Study, mostly cross-sectional. It then goes on to time-series data on individuals drawn from three panel studies for Britain, Germany, and Australia, as well as cross-section data on the United States. The chapter also examines the key role of social comparisons and adaptation, before tracing how the income factor is determined by earlier childhood experiences.Less
This chapter shows that, while happiness is not the same with income, income still affects happiness. Indeed, the effect of income on happiness is one of the best-measured effects in all happiness research. It presents the evidence to this effect. Again, the chapter begins with evidence from the British Cohort Study, mostly cross-sectional. It then goes on to time-series data on individuals drawn from three panel studies for Britain, Germany, and Australia, as well as cross-section data on the United States. The chapter also examines the key role of social comparisons and adaptation, before tracing how the income factor is determined by earlier childhood experiences.
Andrew E. Clark, Sarah Flèche, Richard Layard, Nattavudh Powdthavee, and George Ward
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780691196336
- eISBN:
- 9780691196954
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691196336.003.0004
- Subject:
- Economics and Finance, Behavioural Economics
This chapter investigates a set of “direct” benefits to education. Education provides an interesting and potentially enjoyable experience for students; it educates people as citizens and voters; it ...
More
This chapter investigates a set of “direct” benefits to education. Education provides an interesting and potentially enjoyable experience for students; it educates people as citizens and voters; it generates higher tax payments; it even reduces crime. And it provides for the individuals concerned a personal resource, interesting work, and additional capacity for enjoyment throughout their life. The measure of education the chapter uses in the British Cohort Study (BCS) is qualifications. The BCS tell us the highest qualifications that a person has achieved. There are altogether five levels of qualifications, but the chapter creates a single continuous variable, thus creating an index of qualifications for the BCS. In the household panel studies, the chapter measures education more simply by years of full-time education and confine the analyses to people under 65.Less
This chapter investigates a set of “direct” benefits to education. Education provides an interesting and potentially enjoyable experience for students; it educates people as citizens and voters; it generates higher tax payments; it even reduces crime. And it provides for the individuals concerned a personal resource, interesting work, and additional capacity for enjoyment throughout their life. The measure of education the chapter uses in the British Cohort Study (BCS) is qualifications. The BCS tell us the highest qualifications that a person has achieved. There are altogether five levels of qualifications, but the chapter creates a single continuous variable, thus creating an index of qualifications for the BCS. In the household panel studies, the chapter measures education more simply by years of full-time education and confine the analyses to people under 65.
