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  • The causal effect of income on life satisfaction and the implications for valuing non-market goods

    Author(s)
    Ambrey, Christopher L
    Fleming, Christopher M
    Griffith University Author(s)
    Ambrey, Christopher L.
    Fleming, Christopher
    Year published
    2014
    Metadata
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    Abstract
    Employing the life satisfaction approach to value physical health, this paper illustrates the use of a subset of windfall income (restricted windfall income) as a substitute for the more conventional household income monetary measure. Results provide no evidence against the exogeneity of restricted windfall income and indicate that the causal effect of income on life satisfaction is substantially higher (and willingness-to-pay estimates substantially lower) when restricted windfall income is used. Further research should be devoted to looking into the presence and size of measurement errors in restricted windfall income. If ...
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    Employing the life satisfaction approach to value physical health, this paper illustrates the use of a subset of windfall income (restricted windfall income) as a substitute for the more conventional household income monetary measure. Results provide no evidence against the exogeneity of restricted windfall income and indicate that the causal effect of income on life satisfaction is substantially higher (and willingness-to-pay estimates substantially lower) when restricted windfall income is used. Further research should be devoted to looking into the presence and size of measurement errors in restricted windfall income. If this bias is large, then the quest for valid and strong instruments will continue.
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    Journal Title
    Economics Letters
    Volume
    123
    Issue
    2
    DOI
    https://doi.org/10.1016/j.econlet.2014.01.031
    Subject
    Economics
    Welfare economics
    Heterodox economics
    Publication URI
    http://hdl.handle.net/10072/62712
    Collection
    • Journal articles

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