Potential Use of the Life Satisfaction Approach to Value Nonmarket Goods and Services
The approach estimates Hicksian compensating variation using self-reported subjective well-being to calculate the marginal rate of substitution of income for nonmarket amenities or services. The paper recommends how to use the technique in the economic analysis of investment projects.
- The Economics of the Life Satisfaction Approach
- Metropolitan Iloilo Case Study
- Appendix: Common Determinants of Individual Life Satisfaction