Table 3. Panel Regressions of Subjective Well-Being on GDP per Capita: World Values Survey
|
Dependent variable and specification |
Micro data |
Macro data |
Sample |
|
Life satisfaction, 1981-2004 | |||
|
Levels |
0.386*** (0.039) |
0.414*** (0.041) |
234,093 (166 country-waves) |
|
Levels with country fixed effects |
***0.307*** (0.065) |
***0.301*** (0.091) |
234,093 (166 country-waves) |
|
Levels w/ country & wave fixed effects |
***0.579*** (0.088) |
***0.552*** (0.118) |
234,093 (166 country-waves) |
|
First differences |
n.a |
***0.596*** (0.082) |
87 differences |
|
Long differences |
***0.575*** (0.116) |
***0.314*** (0.072) |
133,900 (98 country-years |
|
Happiness, 1981-2004 | |||
|
Levels |
0.213*** (0.056) |
0.230*** (0.064) |
228,159 (165 country-waves) |
|
Levels with country fixed effects |
***0.388*** (0.093) |
***0.363*** (0.131) |
228,159 (165 country-waves) |
|
Levels w/ country & wave fixed effects |
**0.263** (0.111) |
0.216 |
228,159 (165 country-waves) |
|
First differences |
n.a |
0.215 |
86 differences |
|
Long differences |
**0.305** (0.147) |
0.114 |
132,662 (98 country-waves |
Sources: World Values Surveys, 1981-2004.
Notes: Table reports results of regressions of the indicated measure of well-being on log real GDP per capita. Sample pools observations
from all nationally representative samples in the four waves of the World Values Survey. Numbers in parentheses are robust standard errors,
clustered by country. Asterisks indicate statistical significance at the *10 percent, **5 percent, and ***1 percent level.
Micro data: Ordered probit regression of subjective well-being, using data by respondent, on log real GDP per capita for the respondent’s
country, weighting observations to give equal weight to each country × wave. Standard errors are clustered by country-wave.
Macro data: National well-being index, using data by country-wave, is regressed on log real GDP per capita. The index is calculated in a
previous ordered probit regression of well-being on country × wave fixed effects.
Life satisfaction: See table 1, for wording of survey question.
Long differences: Difference between first and last observation for each country.
Happiness: See table 1, for wording of survey question.
Tables—3
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