Subjective Well-Being: Revisions to Dynamic Equilibrium Theory Using National Panel Data and Panel Regression Methods

This paper partly revises the dynamic equilibrium (DE) theory of subjective well-being (SWB), sometimes termed set point theory. Results from four national panel surveys show that correlations among measures of SWB diminish over time, and that the SWB set points of a minority of individuals substant...

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Bibliographic Details
Published in:Social indicators research 2006-12, Vol.79 (3), p.369-403
Main Author: Headey, Bruce
Format: Article
Language:English
Subjects:
Australia
Correlation
Dynamic models
Economic psychology
Equilibrium
Equilibrium theory
Evidence
Experience
Extroversion
Germany
Happiness
Heredity
History, theory and methodology
Human capital
Hypotheses
Least Squares Statistics
Life
Life Events
Life Satisfaction
Longitudinal studies
Measures (Individuals)
Methodology
National Surveys
Observation
Panel data
Personality
Personality psychology
Personality Traits
Personality. Social role
Quadrants
Regression (Statistics)
Regression analysis
Revisions
Social Indicators
Social psychology
Social research
Sociology
Studies
Subjective wellbeing
Subjectivity
Survey data
Theories
Unemployment
United Kingdom
Welfare economics
Well Being
Wellbeing
Work Experience
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Summary:This paper partly revises the dynamic equilibrium (DE) theory of subjective well-being (SWB), sometimes termed set point theory. Results from four national panel surveys show that correlations among measures of SWB diminish over time, and that the SWB set points of a minority of individuals substantially change. These results mean that DE theory requires revision to make it more dynamic and enable it to better account for medium term change in SWB. The paper identifies personality traits and life events associated with subsequent changes in SWB. Data come from German, British and Australian panel surveys in which SWB has been measured for between 9 and 20 years. Panel regression random and fixed effects models were used to analyse the data.
ISSN:0303-8300
1573-0921
DOI:10.1007/s11205-005-5381-2