IMT Institutional Repository: No conditions. Results ordered -Date Deposited. 2024-03-28T19:04:56ZEPrintshttp://eprints.imtlucca.it/images/logowhite.pnghttp://eprints.imtlucca.it/2018-01-24T12:12:28Z2018-01-24T12:12:28Zhttp://eprints.imtlucca.it/id/eprint/3885This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/38852018-01-24T12:12:28ZIf not only GDP, what else? Using relational goods to predict the trends of subjective well-beingIn the last decade, a lively interdisciplinary discussion has grown around the evidence that, in the long-run, people’s subjective well-being is not significantly correlated with income growth. In other words, GDP growth does not predict the long run growth of subjective well-being. In this paper, we argue that there exists a different predictor of subjective well-being that works pretty well: sociability, i.e. the quality and quantity of social relationships (also referred to as relational goods). More precisely, we illustrate the role of sociability as a predictor of well-being, presenting the available evidence at both the within-country and the worldwide level. In particular, we discuss recent evidence from US cross-sectional data (General Social Survey, 1975–2004), cross-country time series (World Value Survey 1980–2005), and German panel data (German Socio-Economic Panel, 1996–2007). We conclude by indicating the most relevant open issues and suggesting future lines of research.Stefano BartoliniEnnio Bilanciniennio.bilancini@imtlucca.it2018-01-24T11:22:07Z2018-01-24T11:22:07Zhttp://eprints.imtlucca.it/id/eprint/3878This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/38782018-01-24T11:22:07ZDid the Decline in Social Connections Depress Americans’ Happiness?During the last 30 years US citizens experienced, on average, a decline in reported happiness, social connections, and confidence in institutions. We show that a remarkable portion of the decrease in happiness is predicted by the decline in social connections and confidence in institutions. We carry out our investigation in three steps. First, we run a happiness regression that includes various indicators of social connections and confidence in institutions, alongside with own income, reference income, and the usual socio-demographic controls. We find that indicators of social connections and confidence in institutions are positively and significantly correlated with happiness. Second, we investigate the evolution of social connections and confidence in institutions over time, finding that they generally show a declining trend. Third, we calculate the variation in happiness over time as predicted by each of its statistically significant correlates, finding that the decrease in happiness is mainly predicted by the decline in social connections and by the growth in reference income. More precisely, the sum of the negative changes in happiness predicted by the reduction in social connections and the increase in reference income more than offsets the positive change predicted by the growth of household income. Also, the reduction in happiness predicted by the decline in confidence in institutions is non-negligible, although substantially smaller than the one predicted by either social connections or reference income.Stefano BartoliniEnnio Bilanciniennio.bilancini@imtlucca.itMaurizio Pugno2018-01-24T11:19:06Z2018-01-24T11:19:06Zhttp://eprints.imtlucca.it/id/eprint/3877This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/38772018-01-24T11:19:06ZPredicting the Trend of Well-Being in Germany: How Much Do Comparisons, Adaptation and Sociability Matter?Using longitudinal data from the German Socio-Economic Panel, we estimate the variation of subjective well-being experienced by Germans over the last two decades testing the role of some of the major correlates of people’s well-being. Our results suggest that the variation of Germans’ well-being between 1996 and 2007 is well predicted by changes over time of income, demographics and social capital. The increase in social capital predicts the largest positive change in subjective well-being. Income growth, also predicts a substantial change in subjective well-being, but it is compensated for about three fourths by the joint negative predictions due to income comparison and income adaptation. Finally, we find that aging of the population predicts the largest negative change in subjective well-being. This result appears to hinge on the large loss of satisfaction experienced by individuals in old age.Stefano BartoliniEnnio Bilanciniennio.bilancini@imtlucca.itFrancesco Sarracino2018-01-24T09:51:21Z2018-01-24T09:51:21Zhttp://eprints.imtlucca.it/id/eprint/3866This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/38662018-01-24T09:51:21ZSocial Capital Predicts Happiness Over TimeThe evidence summarized in this chapter documents that GDP is associated with well-being over the business cycle, while this correlation tends to wane over longer periods. Instead, the relationship between social capital and well- being tends to set slowly and to be persistent. This is consistent with both the notion that income is affected by adaptation and social comparisons and, conversely, with the notion that social capital is not affected by these same forces. Moreover, we sum up studies concerning the world-wide most striking cases of the Easterlin paradox, the American, Chinese, and Indian ones. These three countries—amounting to almost half of the world population—exhibit a decline in subjective well-being (SWB), despite a more or less outstanding economic growth in the past few decades. We document that the decline of social capital plays a major role in predicting the decline of happiness in these countries—besides the well-known role of social comparisons. This suggests that the decline of social capital may be a part of the explanation of the Easterlin paradox. Overall, our findings support the view that the basic message of happiness economics should not change, i.e., the centrality of GDP should be reduced. Indeed, social capital—as well as economic growth— can be the target for policies aimed at preserving/fostering it (Helliwell, 2011a; Helliwell, 2011b; Rogers etal., 2011; Bilancini and D’Alessandro, 2012).Stefano BartoliniEnnio Bilanciniennio.bilancini@imtlucca.itFrancesco Sarracino2018-01-24T09:48:09Z2018-01-24T09:48:09Zhttp://eprints.imtlucca.it/id/eprint/3865This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/38652018-01-24T09:48:09Z(a cura di) Policies for HappinessIn recent years, debates on the economics of happiness have shown that, over the long-term, well-being is influenced more by social and personal relationships than by income. This evidence challenges the traditional economic policy paradigm that has emphasized income as the primary determinant of well-being. This volume brings together contributions from leading scholars to ask: What should be done to improve the quality of people's lives? Can economic and social changes be made which enhance well-being? What policies are required? How do policies for well-being differ from traditional ones targeted on redistribution, the correction of market inefficiencies, and growth? Are there dimensions of well-being that have been neglected by traditional policies? Is happiness a meaningful policy target? The volume presents reflections and proposals which constitute a first step towards answering these questions.Stefano BartoliniEnnio Bilanciniennio.bilancini@imtlucca.itLuigino BruniPierluigi Porta