Dataset Information

Subjective Well-Being and Aversion to Macroeconomic Losses: New Evidence.

ABSTRACT: This work analyses the existence of asymmetric effects on the subjective well-being of the population of different countries in response to changes in the levels of aggregate income. Microdata from the Eurobarometer and the World Values Survey are used for the period 2000-2019. This period includes several economic changes, among which are the strong expansion at the beginning of the century, the Great Recession, and the subsequent recovery. Our study includes several groups of countries. In the broadest case, the study comprises a group of 83 countries and analyses the issue both from a global perspective as well as focusing particular attention on European countries. These asymmetric effects of economic activity are in line with behavioural economics and previous literature and allow us to determine a macroeconomic aversion to losses. The results obtained support the existence of asymmetric effects of changes in aggregate income on subjective well-being, and show that losses generated in recessions require a far more vigorous recovery if they are to be compensated for, and that they might even have permanent effects.

Supplementary information

The online version contains supplementary material available at 10.1007/s10902-021-00401-5.

SUBMITTER: Patino D

PROVIDER: S-EPMC8134830 | biostudies-literature | 2022

REPOSITORIES: biostudies-literature

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Subjective Well-Being and Aversion to Macroeconomic Losses: New Evidence.

Patiño David D Gómez-García Francisco F Marín-Serrano Alejandro A

Journal of happiness studies 20210520 2

This work analyses the existence of asymmetric effects on the subjective well-being of the population of different countries in response to changes in the levels of aggregate income. Microdata from the Eurobarometer and the World Values Survey are used for the period 2000-2019. This period includes several economic changes, among which are the strong expansion at the beginning of the century, the Great Recession, and the subsequent recovery. Our study includes several groups of countries. In the ...[more]

PMID: 34031631

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Project description:Research on children's quality of life and subjective well-being has advanced over the past decade largely as a result of developments in childhood theory, children's rights legislation, and the shift toward positive social science. However, in line with the uncertainty regarding the conceptualization of subjective well-being, the structural configuration of children's subjective well-being has not been considered in the literature. In the current study, we present and test a model of children's subjective well-being, which includes global (context-free items assessing overall and general well-being, without reference to a specific aspect of life) and specific (domain-based items assessing a specific aspect of life) cognitive components, and positive and negative affect. We further test the fit structure of a hierarchical structural (second-order) model of children's subjective well-being. Finally, we test the measurement invariance of the hierarchical model across age and gender. We use data from the third Wave of the Children's Worlds Survey. The data source includes a sample of 92,782 participants selected from 35 countries (girls = 49.7%) in two age groups (10- and 12-years-old). We found a good fit for the four-factor confirmatory factor model of children's subjective well-being. Correlations between the various latent factors were as anticipated-with positive correlations between the life satisfaction components and positive affect, and negative correlations with negative affect. We further found a good fit for the hierarchical structural model of children's subjective well-being. Finally, we found the tenability of measurement invariance across age and gender. The study extends the generalizability of the hierarchical structural configuration of the subjective well-being to child samples, and provides a viable model to explore correlates and predictors of children's subjective well-being using the full conceptual model. Finally, we propound the tenability of a quadripartite hierarchical conceptual model of children's subjective well-being.

Project description:BackgroundOne important aspect of subjective judgments about one's well-being (i.e., subjective well-being: life satisfaction, positive affect, and negative affect) is that cultural features, such as, nationality seem to shape cognitive judgments about the "the ideal life." In this comparative study we examined differences in subjective well-being and psychological well-being between Italian and Swedish adolescents and tested if the relationship between the three constructs of subjective well-being (i.e., satisfaction with life, positive affect, and negative affect) and psychological well-being was moderated by the adolescents' nationality.MethodItalian (n = 255) and Swedish (n = 277) adolescents answered to the Satisfaction with Life Scale, the Positive Affect Negative Affect Schedule, and Ryff's Scales of Psychological Well-Being. Differences between samples were tested using a Multiple Analysis of Variance. We also conducted a multiple group analysis (Italy and Sweden) using Structural Equation Modelling to investigate the relationship between all three subjective well-being constructs and psychological well-being.ResultsItalian adolescents scored significantly higher in satisfaction with life than Swedish adolescents. Additionally, across countries, girls scored significantly higher in negative affect than boys. In both countries, all three constructs of subjective well-being were significantly associated to adolescents' psychological well-being. Nevertheless, while the effect of the relationship between affect and psychological well-being was almost the same across countries, life satisfaction was more strongly related to psychological well-being among Swedish adolescents.ConclusionsThe present study shows that there are larger variations between these two cultures in the cognitive construct of subjective well-being than in the affective construct. Accordingly, associations between the cognitive component, not the affective component, of subjective well-being and psychological well-being differ between countries as well.

Dataset Information

Subjective Well-Being and Aversion to Macroeconomic Losses: New Evidence.

Supplementary information

Publications

Subjective Well-Being and Aversion to Macroeconomic Losses: New Evidence.

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