Job satisfaction and subjective well-being in Europe

Abstract

This paper addresses some recent developments in the field of management science and economics of well-being, trying to prove a link between working conditions and subjective well-being.Using the fifth round of the European Social Survey, which is the most recent set of data with a module focusing on the inter-relations between work, family and well-being, this paper uses an instrumental variable approach to estimate the effect of job satisfaction on subjective Well-being.The direction of the relationship between these two variables has always been controversial because of endogeneity.Results, also exploring the role of working contract and welfare systems, allow for isolating a considerable influence on job satisfaction in increasing people's subjective well-being.Results are robust even if the restriction condition is violated.Job satisfaction increases subjective well-being even if the instrumental variables are not uncorrelated with the error of the main equation.

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