Journal
AMERICAN ECONOMIC REVIEW
Volume 104, Issue 9, Pages 2698-2735Publisher
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.104.9.2698
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This paper proposes foundations and a methodology for survey-based tracking of well-being. First, we develop a theory in which utility depends on fundamental aspects of well-being, measurable with surveys. Second, drawing from psychologists, philosophers, and economists, we compile a comprehensive list of such aspects. Third, we demonstrate our proposed method for estimating the aspects' relative marginal utilities-a necessary input for constructing an individual-level well-being index-by asking similar to 4,600 US survey respondents to state their preference between pairs of aspect bundles. We estimate high relative marginal utilities for aspects related to family, health, security, values, freedom, happiness, and life satisfaction.
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