• Vienna Institute of Demography (Ed.)

Vienna Yearbook of Population Research 2021

Demographic Aspects of Human Wellbeing

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Debate

EU and UK targets for healthy life expectancy – are they achievable?
Carol Jagger

Demography and well-being
Andrew E. Clark

WELLBYs, cost-benefit analyses and the Easterlin Discount
Paul Frijters

Review

Comparing global reports of subjective well-being to experiential measures
Richard E. Lucas

Anthropometric history and the measurement of wellbeing
Bernard Harris

Research Articles

Wellbeing Indicators and Data
Going beyond GDP with a parsimonious indicator: inequality-adjusted healthy lifetime income
David E. Bloom - Victoria Y. Fan - Vadim Kufenko - Osondu Ogbuoji - Klaus Prettner - Gavin Yamey

Global improvements in Years of Good Life since 1950
Erich Striessnig - Claudia Reiter - Anna Dimitrova

Mortality evolution in Algeria: What can we learn about data quality?
Farid Flici - Nacer-Eddine Hammouda

Gender Perspectives on Life Satisfaction, Health And Wellbeing
Gender disparities in health at older ages and their consequences for well-being in Latin America and the Caribbean
Marília R. Nepomuceno - Vanessa di Lego - Cássio M. Turra

Gender and socioeconomic inequalities in health and wellbeing across age in France and Switzerland
Anna Barbuscia - Chiara Comolli

Wellbeing, Partnership Unions and The Family
The age U-shape in Europe: the protective role of partnership
Andrew E. Clark - Hippolyte d’Albis - Angela Greulich

Singles in the city: happily ever after?
Bernhard Riederer - Nina-Sophie Fritsch - Lena Seewann

Fathers’ and mothers’ enjoyment of childcare: the role of multitasking
Marina Zannella - Alessandra De Rose

Health and Wellbeing At Old Age
Well-being in Europe: decompositions by country and gender for the population aged 50+
Claudia Reiter - Sonja Spitzer

The life course and subjective well-being across generations – an analysis based on cross-national surveys (2002–2016)
Hideko Matsuo - Koen Matthijs

Education and Wellbeing
Academic track mismatch and the temporal development of well-being and competences in German secondary education
Felix Bittmann

Is educational wellbeing associated with grade repetition and school dropout rates among Indian students? Evidence from a panel study
Ronak Paul - Rashmi

Data and Trends

Years of Good Life: An illustration of a new well-being indicator using data for Thailand
Thananon Buathong - Anna Dimitrova - Paolo Miguel M. Vicerra - Montakarn Chimmamee
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Vienna Yearbook of Population Research 2021
ISSN 1728-4414
Print Edition
ISSN 1728-5305
Online Edition
ISBN 978-3-7001-8707-3
Print Edition
ISBN 978-3-7001-8784-4
Online Edition



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WELLBYs, cost-benefit analyses and the Easterlin Discount

    Paul Frijters

Vienna Yearbook of Population Research 2021, pp. 39-64, 2021/11/27

Demographic Aspects of Human Wellbeing

doi: 10.1553/populationyearbook2021.deb04


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doi:10.1553/populationyearbook2021.deb04

Abstract

The current practise of cost-benefit analysis in Western countries consists of a collection of various incompatible ideas and methodologies to obtain replicable numbers for the costs and benefits of major public spending plans. This paper describes the main elements of the dominant methodology, which combines consumer and producer surplus, price-taking, government-inputs-as-outputs, hedonic pricing of externalities, and the issue-specific use of partial or general equilibrium thinking. The paper then discusses how that methodology can be augmented and partially replaced by looking at how prospective policies would change the total number of WELLBYs (life satisfaction-adjusted years of life) of the population. The ability of the WELLBY methodology to address complex externalities is illustrated by the Easterlin Discount, which is a proposed reduction factor of 75% on all estimates of private consumption benefits to offset the envy caused in others

Keywords: Cost-effectiveness; Wellbeing; Consumer surplus; Easterlin Discount; Public advocacy

Published Online: 2021/11/27

Object Identifier: 0xc1aa5572 0x003fa795

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Rights: © The Author(s), Austrian Academy of Sciences, Vienna 2024 This article/book is published under the terms of the Creative Commons Attribution 4.0 International Public License (https://creativecommons.org/licenses/by/4.0/) that allows the sharing, use and adaptation in any medium, provided that the user gives appropriate credit, provides a link to the license, and indicates if changes were made.