Wellbeing and Society: Towards Quantification of the Co-benefits of Wellbeing

The objectives of this paper are twofold. First, it reviews the empirical evidence showing the existence of linkage between wellbeing and possible co-benefits, investigating in particular the positive effect that happiness and life satisfaction can have on health, social outcomes, employment, education and environmental behaviours. Second, it presents the valuation methods that have been proposed in the literature to place a monetary value on these outcomes. With wellbeing having become more and more relevant for individuals and policy makers, the full understanding of the co-benefits of wellbeing is central for the design and development of wellbeing interventions. As a consequence, the evaluation of the co-benefits of wellbeing is of crucial importance for the appropriate allocation of resources towards such strategies.