Autori
Bechetti, LeonardoConzo, PierluigiTitolo
The gustibus errari (pot)est":utility misprediction, preferences for well-being and life satisfaction'.Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper seriesAnno:
2014 - Volume:
7 - Fascicolo:
21 - Pagina iniziale:
1 - Pagina finale:
62The life satisfaction literature generally focuses on how life events affect subjective well-being.
Through a contingent valuation survey we test whether well-being preferences have significant impact on life satisfaction.
A sample of respondents is asked to simulate a policymaker decision consisting in allocating scarce financial resources
among 11 well-being domains.
Consistently with the utility misprediction hypothesis, we find that the willingness to invest more in the economic
well-being domain is negatively correlated with life satisfaction.
Our findings are shown to be robust when we account for unobservables related to economic fragility and non-random sample
selection. Revers e causality and omitted variable bias are controlled for with instrumental variables and a sensitivity
analysis on departures from exogeneity assumptions. Subsample estimates document that the less educated are more affected
by the problem.
Testo completo:
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