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The Happiness of Economists: Estimating the Causal Effect of Studying Economics on Subjective Well-Being


Justus Haucap


Heinrich-Heine Universitaet Duesseldorf - Department of Economics; German Institute for Economic Research (DIW Berlin)

Ulrich Heimeshoff


Ruhr Universität Bochum - Faculty of Economics
February 22, 2010


Abstract:     
This is the first paper that studies the causal effect of studying economics on subjective well being. Based on a survey among 918 students of economics and other social sciences, we estimate the effects of studying in the different fields on individual life satisfaction. Controlling for personal characteristics we apply innovative instrumental variable methods developed in labor and conflict economics. We find a positive relationship between the study of economics and individual well-being. Additionally, we also find that income, future job chances, and political attitudes are the most important drivers of happiness for participants of our survey.

Number of Pages in PDF File: 18

Keywords: Happiness, Economists, Students

JEL Classification: A11, A13, I21, I31

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Date posted: February 25, 2010  

Suggested Citation

Haucap, Justus and Heimeshoff, Ulrich, The Happiness of Economists: Estimating the Causal Effect of Studying Economics on Subjective Well-Being (February 22, 2010). Available at SSRN: http://ssrn.com/abstract=1557358 or http://dx.doi.org/10.2139/ssrn.1557358

Contact Information

Justus Haucap (Contact Author)
Heinrich-Heine Universitaet Duesseldorf - Department of Economics ( email )
Duesseldorf
Germany
HOME PAGE: http://www.dice.uni-duesseldorf.de
German Institute for Economic Research (DIW Berlin) ( email )
Mohrenstraße 58
Berlin, 10117
Germany
Ulrich Heimeshoff
University of Bochum - Faculty of Economics ( email )
Ruhr University of Bochum
Faculty of Economics
D-44780 Bochum, DE 44780
Germany
Feedback to SSRN (Beta)


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