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  • We examine the roles of macro-level adaptation — including social comparison effects becoming more important over time — and macroeconomic loss aversion in the time-series relationship between national income and subjective well-being. Models allowing for these phenomena are applied to cross-country panel data. We find evidence for macroeconomic loss aversion that becomes more important over time: the effects of economic growth become small and statistically insignificant in the long run, whereas the effects of contractions are large and long-lasting. The results are consistent with the Easterlin paradox and point to it being explained by macro-level adaptation to economic growth. Our results highlight the importance of allowing for both dynamics to distinguish long-run from short-run effects and asymmetries to recognize the important effects of contractions. Failing to do the former leads to a misleading impression of the long-run relationship between economic growth and well-being. (xsd:string)
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  • (Eurobarometer) (xsd:string)
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  • Eurobarometer-Bibliography (xsd:string)
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  • 2021 (xsd:gyear)
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  • 2021 (xsd:gyear)
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  • 10.1515/bejeap-2020-0204 ()
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  • 863 (xsd:string)
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  • english (xsd:string)
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  • 21946108 ()
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  • 3 (xsd:string)
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  • Adaptation and Loss Aversion in the Relationship Between GDP and Subjective Well-Being (xsd:string)
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  • In B.E. Journal of Economic Analysis & Policy, 21(3), 863-895, 2021 (xsd:string)
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  • EB - Standard and Special Eurobarometer (xsd:string)
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  • 2021 (xsd:string)
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  • 895 (xsd:string)
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  • 21 (xsd:string)