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Ever rising expectations: the determinants of subjective welfare in Croatia

Zigante, Valentina (2008) Ever rising expectations: the determinants of subjective welfare in Croatia. Financial Theory and Practice, 32 (2). 115 -138. ISSN 1846-887X

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Abstract

The focus of this paper is the subjective welfare of the individual in the case of Croatia, a country that in the 1990s carried out a transformation from a socialist to a market-based economy while being at war as a result of the break-up of the former Yugoslavia. Subjective welfare is commonly found to be different from welfare as measured by objective criteria such as income. This difference is first explored by profiling poverty based on the two measures, and here the largest difference is found among those who are not objectively poor. Further the determinants of subjective welfare are analyzed in an ordered probit model broadly grouped as objective variables of personal or household circumstances, and measures of relative income, individual income compared with different reference groups. The results show that, apart from absolute income, which leaves large room for other explanations, relative income is the strongest determinant. This can be connected to the transition heritage of Croatia and is also in line with what has been found in other countries.

Item Type: Article
Official URL: http://www.fintp.hr/en/home/
Additional Information: © 2008 Financial Theory and Practice
Divisions: Social Policy
Personal Social Services Research Unit
Subjects: H Social Sciences > HN Social history and conditions. Social problems. Social reform
JEL classification: C - Mathematical and Quantitative Methods > C2 - Econometric Methods: Single Equation Models; Single Variables > C24 - Truncated and Censored Models
Sets: Departments > Social Policy
Collections > Economists Online
Research centres and groups > Personal Social Services Research Unit (PSSRU)
Date Deposited: 18 Feb 2015 15:29
Last Modified: 02 Sep 2020 23:22
URI: http://eprints.lse.ac.uk/id/eprint/60984

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