Subject code: P12ab

Study | Headey et al. (2008): study AU 2002 |

Title | Money does not Buy Happiness...Or does it? A Reconsideration Based on the Combined Effects of Wealth, Income and Consumption. |

Source | Social Indicators Research, 2008, Vol. 87, 65 - 82 |

DOI | DOI:10.1007/s11205-007-9146-y |

Public | 15+ aged, general public, Australia 2002 |

Sample | Probability simple random sample |

Non-Response | |

Respondents N = | 11755 |

Correlate | |

Author's label | Net worth |

Page in Source | 10, 16 |

Our classification | Current possessions, code P12ab |

Operationalization | Estimates based on responses to detailed questions on assets and debts. Household networth is assets minus debts. The natural logarithm is used since wealth is highly skewed towards the top end |

Observed Relation with Happiness | ||

Happiness Measure | Statistics | Elaboration/Remarks |

O-SLW-u-sq-n-11-e | r=+.14 | Only reported in original Discuusion paper |

O-SLW-u-sq-n-11-e | b=+.65 p < .001 | |

O-SLW-u-sq-n-11-e | Beta=+.08 p < .001 | B and Beta are controlled for - gender - age - partnered - education - income (equivalized) - in working force - unemployed - bad health |

Appendix 1: Happiness measures used

Code | Full Text |

O-SLW-u-sq-n-11-e | Selfreport on single question: Now here are some questions concerning how satisfied - or dissatisfied - you are with various things about your life, such as your standard of living, your education etc. To indicate this, would you use this card. If you are extremely SATISFIED with something you would call of the highest number, ten. If you are extremely DISSATISFIED you would mention the lowest number, zero. If you are neither extremely satisfied nor extremely dissatisfied you would mention some number in between zero and ten - the higher the number, the more satisfied, the lower the number the less satisfied. How satisfied - or dissatisfied - are you with the following? Just read off the number that comes closest to how you feel. We have talked about various parts of your life. Now taking everything into account, how satisfied or dissatisfied are you with your life as a whole? 0 dissatisfied 1 2 3 4 5 6 7 8 9 10 satisfied |

Appendix 2: Statistics used

Symbol | Explanation |

b | REGRESSION COEFFICIENT (non-standardized) by LEAST SQUARES (OLS) Type: test statistic Measurement level: Correlate: metric, Happiness: metric Theoretical range: unlimited Meaning: b > 0 A higher correlate level corresponds with a higher happiness rating on average. B < 0 A higher correlate level corresponds with a lower happiness rating on average. B = 0 Not any correlation with the relevant correlate. |

Beta | STANDARDIZED REGRESSION COEFFICIENT by LEAST SQUARES (OLS) Type: test statistic. Measurement level: Correlates: all metric, Happiness: metric. Range: [-1 ; +1] Meaning: beta > 0 « a higher correlate level corresponds to a higher happiness rating on average. beta < 0 « a higher correlate level corresponds to a higher happiness rating on average. beta = 0 « no correlation. beta = + 1 or -1 « perfect correlation. |

r | PRODUCT-MOMENT CORRELATION COEFFICIENT (Also "Pearson's correlation coefficient' or simply 'correlation coefficient') Type: test statistic. Measurement level: Correlate: metric, Happiness: metric Range: [-1; +1] Meaning: r = 0 « no correlation , r = 1 « perfect correlation, where high correlate values correspond with high happiness values, and r = -1 « perfect correlation, where high correlate values correspond with low happiness values. |

Ruut Veenhoven, World Database of Happiness, Collection of Correlational Findings, Erasmus University Rotterdam.

https://worlddatabaseofhappiness.eur.nl