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dc.contributor.authorAmbrey, Christopher L
dc.contributor.authorFleming, Christopher M
dc.date.accessioned2017-05-03T15:39:47Z
dc.date.available2017-05-03T15:39:47Z
dc.date.issued2014
dc.date.modified2014-09-04T04:26:41Z
dc.identifier.issn0165-1765
dc.identifier.doi10.1016/j.econlet.2014.01.031
dc.identifier.urihttp://hdl.handle.net/10072/62712
dc.description.abstractEmploying 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.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.publisher.placeNetherlands
dc.relation.ispartofstudentpublicationY
dc.relation.ispartofpagefrom131
dc.relation.ispartofpageto134
dc.relation.ispartofissue2
dc.relation.ispartofjournalEconomics Letters
dc.relation.ispartofvolume123
dc.rights.retentionY
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchWelfare economics
dc.subject.fieldofresearchHeterodox economics
dc.subject.fieldofresearchcode38
dc.subject.fieldofresearchcode380119
dc.subject.fieldofresearchcode389903
dc.titleThe causal effect of income on life satisfaction and the implications for valuing non-market goods
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.hasfulltextNo Full Text
gro.griffith.authorAmbrey, Christopher L.
gro.griffith.authorFleming, Christopher


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