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Perception and retrospection: The dynamic consistency of responses to survey questions on wellbeing

Pudney, S (2011) 'Perception and retrospection: The dynamic consistency of responses to survey questions on wellbeing.' Journal of Public Economics, 95 (3-4). pp. 300-310. ISSN 0047-2727

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Abstract

Implementation of broad approaches to welfare analysis usually entails the use of ?subjective? welfare indicators. We analyse BHPS data on financial wellbeing to determine whether reported current and retrospective perceptions are consistent with each other and with the existence of a common underlying wellbeing concept. We allow for adjustment of perceptions in a vector ARMA model for panel data, with dependent variables observed ordinally and find that current perceptions exhibit slow adjustment to changing circumstances and retrospective assessments of past wellbeing are heavily contaminated by current circumstances, causing significant bias in measures of the level and change in welfare.

Item Type: Article
Uncontrolled Keywords: Financial wellbeing; Perceptions; Dynamic adjustment; BHPS
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Social Sciences
Faculty of Social Sciences > Institute for Social and Economic Research
SWORD Depositor: Elements
Depositing User: Elements
Date Deposited: 18 Jul 2013 09:56
Last Modified: 06 Jan 2022 13:29
URI: http://repository.essex.ac.uk/id/eprint/7097

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