Does wealth bring happiness?

Figures & data

Table 1. Descriptive Statistics

	Mean	Median	Maximum	Minimum	Std. Dev.	Observations
BLADDER	−0.003795	0.019967	2.532915	−4.085212	0.520905	738
DCORRUPTION	0.000973	−0.003931	0.662824	−0.708804	0.084987	738
DFREEDOM	−0.001014	0.002521	0.290281	−0.423079	0.076836	738
GENEROSITY	0.001596	0.003729	0.440432	−0.505007	0.087652	738
DLOGHEALTHY	0.000537	0.002142	0.224465	−0.356927	0.036202	738
DNEGATIVE	0.000442	0.001323	0.223810	−0.224133	0.049382	738
DPERCAPITA	−0.000783	0.016901	2.626980	−3.258755	0.379426	738
DPOSITIVE	0.000397	0.000968	0.296424	−0.370201	0.053652	738
DSOCIALSUPPORT	0.000307	0.001947	0.335211	−0.406965	0.058823	738

Table 2. Optimal lag

Lag	LogL	LR	FPE	AIC	SC	HQ
0	786.0790	NA	1.93e-16	−10.64492	−10.46100*	−10.57019*
1	909.7036	230.3143	1.08e-16*	−11.22882*	−9.389607	−10.48150
2	989.8591	139.4487	1.10e-16	−11.21725	−7.722750	−9.797354
3	1050.946	98.74364	1.49e-16	−10.94447	−5.794683	−8.851993
4	1103.297	78.16788	2.34e-16	−10.55202	−3.746942	−7.786959
5	1177.683	101.8986	2.83e-16	−10.46141	−2.001051	−7.023775
6	1260.974	103.8287*	3.19e-16	−10.49280	−0.377148	−6.382579
7	1346.157	95.68443	3.76e-16	−10.55009	1.220847	−5.767292
8	1432.036	85.87943	4.81e-16	−10.61694	2.809294	−5.161552

*indicates lag order selected by the criterion

Table 3. Random effects - hausman test results

Test Summary	Chi-Sq. Statistic	Chi-Sq. d.f.	Prob.
Cross-section random	4.168947	8	0.8416

Table 4. Panel EGLS test results

Variable	Coefficient	Std. Error	t-Statistic	Prob.
C	−0.006001	0.013771	−0.435751	0.6631
DCORRUPTION	−0.507372	0.182260	−2.783781	0.0055
DFREEDOM	0.536136	0.201327	2.663015	0.0079
GENEROSITY	0.629205	0.163356	3.851747	0.0001
DLOGHEALTHY	3.604416	0.733002	4.917334	0.0000
DNEGATIVE	−1.490297	0.316974	−4.701637	0.0000
DPERCAPITA	0.322517	0.071491	4.511284	0.0000
DPOSITIVE	1.462835	0.290360	5.038004	0.0000
DSOCIALSUPPORT	2.058844	0.290291	7.092351	0.0000

Table 5. Panel fully modified least squares (FMOLS) test results

Panel method: Pooled estimation
Cointegrating equation deterministic: C
Coefficient covariance computed using the default method
Long-run covariance estimates (Bartlett kernel, Newey-West fixed bandwidth)
Variable	Coefficient	Std. Error	t-Statistic	Prob.
DCORRUPTION	−0.614716	0.161595	−3.804055	0.0002
DFREEDOM	0.564240	0.185487	3.041934	0.0025
GENEROSITY	0.697961	0.146489	4.764594	0.0000
DLOGHEALTHY	3.668424	0.660904	5.550618	0.0000
DNEGATIVE	−1.297396	0.280404	−4.626885	0.0000
DPERCAPITA	0.280474	0.063687	4.403940	0.0000
DPOSITIVE	1.529887	0.256732	5.959090	0.0000
DSOCIALSUPPORT	2.339138	0.255907	9.140560	0.0000
R-squared	0.564684	Mean dependent var		−0.003541
Adjusted R-squared	0.503361	S.D. dependent var		0.542346
S.E. of regression	0.382205	Sum squared resid		83.99648
Long-run variance	0.085353

Table 6. Panel dynamic least squares (DOLS) test results

Panel method: Pooled estimation
Cointegrating equation deterministic: C
Static OLS leads and lags specification
Coefficient covariance computed using the default method
Long-run variance (Bartlett kernel, Newey-West fixed bandwidth) used for coefficient covariances
Variable	Coefficient	Std. Error	t-Statistic	Prob.
DCORRUPTION	−0.477921	0.152167	−3.140756	0.0018
DFREEDOM	0.545000	0.167034	3.262809	0.0012
GENEROSITY	0.595515	0.136386	4.366385	0.0000
DLOGHEALTHY	3.853586	0.632254	6.094999	0.0000
DNEGATIVE	−1.526913	0.261038	−5.849393	0.0000
DPERCAPITA	0.294990	0.060916	4.842566	0.0000
DPOSITIVE	1.456781	0.238912	6.097559	0.0000
DSOCIALSUPPORT	2.109994	0.239028	8.827393	0.0000
R-squared	0.541821	Mean dependent var		−0.003795
Adjusted R-squared	0.485247	S.D. dependent var		0.520905
S.E. of regression	0.373730	Sum squared resid		91.62637
Long-run variance	0.081380