- Series Information
- The Oxford Handbook of Well-Being and Public Policy
- List of Contributors
- Cost-Benefit Analysis
- Inequality and Poverty Measures
- Social Welfare Functions
- QALY-Based Cost-Effectiveness Analysis
- Fair Allocation
- Social Ordering Functions
- Multidimensional Indicators of Inequality and Poverty
- Happiness-Based Policy Analysis
- Preference-Based Views of Well-Being
- Mental State Approaches to Well-Being
- Objective Goods
- Subjective Well-Being in Psychology
- Subjective Well-Being in Economics
- Equivalent Income
- Extended Preferences
- SWB as a Measure of Individual Well-Being
- Does the Choice of Well-Being Measure Matter Empirically?
- Does Fairness Require a Multidimensional Approach?
- The Capability Approach and Well-Being Measurement for Public Policy
- Measuring Poverty: A Proposal
- Multidimensional Poverty Indices: A Critical Assessment
- Social Evaluation under Risk and Uncertainty
- Individual Responsibility and Equality of Opportunity
- Welfare Comparisons with Heterogeneous Prices, Consumption, and Preferences
- Welfare and the Household
- Preference Inconsistency: A Psychological Perspective
- Lifetime Well-Being
- The Well-Being of Future Generations
- Author Index
- Subject Index
Abstract and Keywords
Subjective well-being in economics relies on more expansive notions of utility than do conventional economics approaches and provides metrics to assess the income and nonincome dimensions of well-being. The metrics are well suited to questions where revealed preferences provide limited information, such as the welfare effects of macroeconomic arrangements individuals are powerless to change, and on behaviors that result from lack of choice or addiction and self-control problems. Current scholarship distinguishes between hedonic well-being, which encompasses daily experience and quality of life, and evaluative well-being, which encompasses well-being over the life course, including opportunity and life fulfillment (eudemonia). Some research aims to understand the causal properties of subjective well-being, and finds that higher levels are associated with better health, labor market performance, and willingness to invest in the future. Despite the contribution this approach can make and the efforts of a number of governments to utilize it, methodological challenges remain.
Carol Graham, Leo Pasvolsky Senior Fellow, Brookings Institution; College Park Professor, University of Maryland
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