@TechReport{iza:izadps:dp8589,
            	author={Decancq, Koen and Neumann, Dirk},
            	title={Does the Choice of Well-Being Measure Matter Empirically? An Illustration with German Data},
            	year={2014},
	month={Oct},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={8589},
            	url={https://www.iza.org/publications/dp8589},
	abstract={We discuss and compare five measures of individual well-being, namely income, an objective composite well-being index, a measure of subjective well-being, equivalent income, and a well-being measure based on the von Neumann-Morgenstern utilities of the individuals. After examining the information requirements of these measures, we illustrate their implementation using data from the German Socio-Economic Panel (SOEP) for 2010. We find sizeable differences in the characteristics of the individuals identified as worst off according to the different well-being measures. Less than 1% of the individuals belong to the bottom decile according to all five measures. Moreover, the measures lead to considerably different well-being rankings of the individuals. These findings highlight the importance of the choice of well-being measure for policy making.},
	keywords={von Neumann-Morgenstern utility function;equivalent income;life satisfaction;composite well-being index;income;worst off;Germany},
            }