This study examines the influences on subjective well-being in congruence with the emerging field of happiness economics. The field developed when economists observed that increases in per-capita income had minimal effects on the average happiness levels of a country. Applying this phenomenon to micro economic theory challenges and expands the neoclassical premise for utility curves which neglects other influences like social comparison and non-pecuniary factors. Using multinomiallogit models with data from the General Social Survey, this study evaluates the statistical significance of both economic and non-pecuniary variables on happiness. Empirical results reveal that social position, age, marital status, and one's health condition are significant determinants of happiness. These findings suggest a refined and encompassing assessment of well-being beyond simplistic neoclassical theories.
Hancock, Elizabeth K., "Assessing Happiness: How Economic Factors Measure Up" (2013). Honors Projects. 123.