In the relatively recent field of 'Happiness economics' economists have started assessing welfare by combining economists’ and psychologists’ techniques. Micro-econometric happiness equations have been reported to be represented as:
Wit = a + BXit + Eit
W = The reported well-being of individual i at time t; a (alpha) is a coefficient; X = Vector of known variables including socio-demographic and socioeconomic characteristics; E = Error term which captures unobserved characteristics and measurement errors.
This requires knowledge of regression-analysis and is more suited for the economists.
Monday, August 3, 2009
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You know I enjoyed management more than Economics because of the wider scope given to human emotions in the management area.
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