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Translated Title

The Influence of Income and Wealth on the Subjective Well-Being of the Elderly Population

Please Note:

This article is in Slovenian.

Ključne besede

subjektivna blaginja, sreča, dohodek, premoženje, starejši, vzročnost, instrumentalne spremenljivke

Keywords

subjective prosperity, happiness, income, property, elderly people, causality, instrumental variables

Povzetek

Učinek dohodka na srečo posameznikov je tema, ki ji ekonomisti v okviru raziskav subjektivne blaginje posvečajo veliko pozornosti. Namen tega članka je prispevati k tej literaturi ter osvetliti vzročni učinek dohodka in premoženja na srečo starejšega prebivalstva, torej skupine ljudi, ki zaradi vse višje pričakovane življenjske dobe in demografskih trendov postaja vse zanimivejši predmet ekonomskih raziskav. Naše ugotovitve kažejo, da imata dohodek in premoženje statistično značilen pozitiven učinek na srečo, ta učinek pa se močno poveča, ko kontroliramo za modelsko endogenost s pomočjo instrumentalnih spremenljivk.

Abstract

The influence of individual income is a topic that has received much attention from economists in research on subjective well-being. The aim of this paper is to contribute to this literature by shedding light on the causal effect of income and wealth on the well-being of the elderly population, i.e., a group of individuals that is becoming an increasingly interesting subject of economic research due to increasing life expectancy and demographic trends. Our results show that income and wealth have a statistically significant effect on happiness, and this effect is strongly enhanced when the endogeneity of the model is controlled by instrumental variables.

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