Subjective Well-Being, Net Worth, and Savings Modalities
Loading...
No Access Until
Permanent Link(s)
Collections
Other Titles
Authors
Abstract
Behavioral economics has found numerous factors outside of the traditional expected utility model that affect financial decisions. The bi-directional relationship between financial decisions and happiness (“subjective well-being”) is of particular interest to economics and society because of the centrality of happiness to the human condition. I investigate the relationship between net worth, its main components (risky assets, safe assets, homeownership, and retirement accounts), and three proxies for subjective well-being: optimism, cheerfulness, and life satisfaction. I find that net worth correlates positively with optimism, cheerfulness, and life satisfaction. Furthermore, optimism correlates with voluntary retirement contributions, cheerfulness and life satisfaction correlates with lack of safe investments, and life satisfaction correlates with homeownership. The magnitude of the effects confirms that financial decisions are heavily influenced by factors besides the traditional models based on rationality.
Journal / Series
Volume & Issue
Description
54 pages
Sponsorship
Date Issued
2020-08
Publisher
Keywords
Location
Effective Date
Expiration Date
Sector
Employer
Union
Union Local
NAICS
Number of Workers
Committee Chair
Bogan, Vicki L.
Committee Co-Chair
Committee Member
Turvey, Calum G.
Degree Discipline
Applied Economics and Management
Degree Name
M.S., Applied Economics and Management
Degree Level
Master of Science
Related Version
Related DOI
Related To
Related Part
Based on Related Item
Has Other Format(s)
Part of Related Item
Related To
Related Publication(s)
Link(s) to Related Publication(s)
References
Link(s) to Reference(s)
Previously Published As
Government Document
ISBN
ISMN
ISSN
Other Identifiers
Rights
Rights URI
Types
dissertation or thesis