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Sometimes your best just ain’t good enough: the worldwide evidence on subjective well-being efficiency
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SYSNO ASEP 0542072 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Sometimes your best just ain’t good enough: the worldwide evidence on subjective well-being efficiency Author(s) Nikolova, M. (DE)
Popova, Olga (NHU-N) RIDSource Title B E Journal of Economic Analysis & Policy. - : Walter de Gruyter - ISSN 1935-1682
Roč. 21, č. 1 (2021), s. 83-114Number of pages 32 s. Language eng - English Country GB - United Kingdom Keywords subjective well-being ; efficiency analysis ; relative happiness OECD category Applied Economics, Econometrics Method of publishing Open access Institutional support NHU-N - RVO:67985998 UT WOS 000621754700003 EID SCOPUS 85092014582 DOI 10.1515/bejeap-2019-0396 Annotation Most of the studies on subjective well-being focus on the determinants of absolute life satisfaction or happiness levels. This paper asks an important but understudied question, namely, could countries achieve the same or even higher subjective well-being by using the same resources more efficiently? We provide the first country panel evidence on whether nations efficiently transform their endowments (income, education, and health) into subjective well-being and which factors influence the conversion efficiency. Using data on 91 countries from 2009 to 2014, we find that that well-being efficiency gains are possible worldwide. We show that poor labor market conditions as proxied by unemployment and involuntary part-time employment are associated with lower ‘subjective well-being efficiency,’ while social support, freedom, and the rule of law improve it. These findings are useful to policymakers in helping identify inefficiencies, reducing wasteful resource use, and developing policies that promote sustainable development and human well-being. Our results are robust to a battery of sensitivity checks and raise policy-relevant questions about the appropriate instruments to improve subjective well-being efficiency. Workplace Economics Institute Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2022 Electronic address https://doi.org/10.1515/bejeap-2019-0396
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