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“ Researchers say I’m not happier for being richer, but do you know how much researchers make?”

“ Researchers say I’m not happier for being richer, but do you know how much researchers make?”. SHOULD GOVERNMENTS MAXIMISE HAPPINESS?. RICHARD LAYARD. THE AIM. IMPLIED COST-BENEFIT CRITERION ∆W = ∑ f ' ∆ u i > o. (f ' > o, f '' ≤ o). Max W = ∑ f (u i ) i s.t. constraints.

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“ Researchers say I’m not happier for being richer, but do you know how much researchers make?”

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  1. “ Researchers say I’m not happier for being richer, but do you know how much researchers make?”

  2. SHOULD GOVERNMENTS MAXIMISE HAPPINESS? RICHARD LAYARD

  3. THE AIM IMPLIED COST-BENEFIT CRITERION ∆W = ∑ f' ∆ ui> o (f ' > o, f '' ≤ o) Max W = ∑ f (ui) i s.t. constraints

  4. THREE ISSUES • WHY HAPPINESS? THE REDUCTIONIST ARGUMENT • WHY GOVERNMENT? THE HAPPINESS POLICE? NO. FREEDOM GOOD FOR U (e.g. HOURS). REVEALED PREF. HAS A MAJOR ROLE. • WHAT DIFFERENCE DOES IT MAKE?

  5. WHAT DIFFERENCE DOES IT MAKE? • INCOME DISTRIBUTION • ui = α log yi + .. (LMN, J.Pub. Econ. Aug 2008) 2) PERVASIVE EXTERNALITY • SOCIAL COMPARISONS(LMN, Oct 2008) • TAXATION (L, E.J. 1980) • GROWTH v STABILITY(LNJ, 1991) • TRUST (AND THE ROLE OF SCHOOLS) • PARENTING • ADVERTISING

  6. 3) TASTES ENDOGENOUS • RESILIENCE • MENTAL HEALTH 4) MISTAKES / FUZZY PREFERENCES • SAVING • VALUING PUBLIC GOODS • MONITORING

  7. GERMAN SOEP WITH FIXED EFFECTS Dep. Var. : Life satisfaction (0-10)

  8. WEST. EUROPEAN COUNTRIES 1973-2007 Dep. Var. : Mean life satisfaction (0-10)

  9. HAPPINESS b1 FAMILY WORK INCOME COMMUNITY HEALTH FREEDOM VALUES a1 POLICY CHANGE e.g sentencing policy

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