Tuesday, November 5, 2013

Economics of happiness (2)

Objective measures such as lifespan, income, and education are often used as well as or instead of subjectively reported happiness, though this assumes that they generally produce happiness, which while plausible may not necessarily be the case. The terms quality of life or well-being are often used to encompass these more objective measures.
Some scientists claim that happiness can be measured both subjectively and objectively by observing the joy center of the brain lit up with advanced imaging, although this raises philosophical issues, for example about whether this can be treated as more reliable than reported subjective happiness.
Micro-econometric happiness equations have the standard form:


In this equation:
W - is the reported well-being of individual i at time t,
X - is a vector of known variables, which include socio-demographic and socioeconomic characteristics.


Some materials from Wikipedia

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