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on Economics of Happiness |
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Issue of 2024‒01‒15
five papers chosen by |
| By: | Mehdi El Herradi; Aurélien Leroy |
| Abstract: | Central banks have recently adjusted their communication strategies to enhance engagement with the general public, yet there is limited understanding of public sentiment regarding monetary policy announcements. This paper investigates whether monetary policy announcements influence household (subjective) well-being in Germany over the period 2002-2018 and finds that tightening surprises reduce life satisfaction. Notably, the impact of a one standard deviation monetary policy shock on well-being is equivalent to a 4% decline in household income. This effect is particularly pronounced among middle-aged individuals and those belonging to the middle-class. |
| Keywords: | Monetary policy; Subjective Well-Being; Survey data; Euro Area |
| Date: | 2023–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2023/248&r=hap |
| By: | D'elia Vanesa Valeria; Karczmarczyk Matilde |
| Abstract: | This study aims to measure the evolution of the aggregate well-being of elderly people in Argentina during 2003-2023 using the more traditional abbreviated social welfare functions and the more recent hedonometer tool. Results show that both indicators have similar patterns: welfare increases during 2003-2011 and has been falling ever since. However, the reasons of this behavior differs in each presidency term. Moreover, we show that the happiness of pensioners measured from public opinion positively correlates with the well-being measured through income and distribution indexes. This result is relevant for policy makers. |
| JEL: | D3 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4644&r=hap |
| By: | Eiji Yamamura; Fumio Ohtake |
| Abstract: | Grandparents were anticipated to participated in grand-rearing. The COVID-19 pandemic had detached grandparents from rearing grandchildren. The research questions of this study were as follows: How does the change in family relations impact the well-being (SWB) of grandparents and parents? We examined how family structure influenced subjective SWB before and after COVID-19. We focused on the effects of children, grandchildren, and their gender on grandparents and parents. We found that compared with the happiness level before COVID-19, (1) granddaughters increased their grandmothers SWB after COVID-19, (2) both daughters and sons reduced their fathers SWB after COVID-19, whereas neither daughters nor sons changed their mothers SWB, and (3) the negative effect of sons reduced substantially if their fathers had younger brothers. Learning from interactions with younger brothers in childhood, fathers could avoid the deterioration of relationships with their sons, even when unexpected events possibly changed the lifestyle of the family and their relationship. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2312.04411&r=hap |
| By: | Marcin Rzeszutek (Faculty of Psychology, University of Warsaw, Poland); Jorgen Vitting Andersen (CNRS, Centre d'Economie de la Sorbonne); Adam Szyszka (Warsaw School of Economics, Collegium of World Economy, Warsaw, Poland); Szymon Talaga (The Robert Zajonc Institute for Social Studies, University of Warsaw, Poland) |
| Abstract: | This study aims at connecting the behavioral corporate finance (micro level) perspective and complexity theory along with agent-based modelling in order to analyze the impact of selected behavioral managerial factors on aggregated data related to the financial market stability (macro level). Specifically, we want to explore whether subjective well-being (SWB) of corporate managers (CEOs) impacted their business decisions during the Covid-19 pandemic, and how it may be related to volatility of stock prices and the issue of financial stability during this critical period. Our study is based on a survey of 255 managers of companies listed on the Warsaw Stock Exchange in Poland over the period . Using the results of this survey, we build an agent-based model (ABM) calibrated for the specific case of Poland to investigate how decision making of CEOs, stemming from their SWB, influence the stock prices and selected financial market dynamics indicators. The results of our study indicate that the excess volatility of stock prices may be a function of changes of SWB of managers, which in turn could lead to some crashes on the macro level with respect to financial stability |
| Keywords: | subjective well-being; CEO; Covid-19; agent-based model |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:23017&r=hap |
| By: | Yukio Ohsawa; Sae Kondo; Yi Sun; Kaira Sekiguchi |
| Abstract: | The well-being of individuals in a crowd is interpreted as a product of the crossover of individuals from heterogeneous communities, which may occur via interactions with other crowds. The index moving-direction entropy corresponding to the diversity of the moving directions of individuals is introduced to represent such an inter-community crossover. Multi-scale moving direction entropies, composed of various geographical mesh sizes to compute the index values, are used to capture the information flow owing to human movements from/to various crowds. The generated map of high values of multiscale moving direction entropy is shown to coincide significantly with the preference of people to live in each region. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2312.02516&r=hap |