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On the weighting of homo economicus and homo virtus in human behaviour

Economics

On the weighting of homo economicus and homo virtus in human behaviour

M. Parada-contzen and J. R. Parada-daza

Discover how economic and non-economic factors influence wellbeing in our latest study by Marcela Parada-Contzen and José Rigoberto Parada-Daza. This research reveals that while emotional wellbeing and human virtues play a role, traditional economic motivations dominate the landscape of wellbeing measurements across countries.

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Playback language: English
Abstract
This paper estimates the weight of economic and non-economic dimensions on wellbeing. A utility function integrates emotional wellbeing and human virtues (*homo virtus*) with the motivations of *homo economicus*. Three wellbeing measures (BCG's Well-Being Index, CSLS's Index of Economic Well-Being, and World Happiness Report's Happiness Score) are used in linear regressions across various country samples. Results show *homo virtus* contributes 11% on average to wellbeing, while *homo economicus* contributes 89%. Richer countries value economic factors more.
Publisher
Humanities and Social Sciences Communications
Published On
Oct 07, 2023
Authors
Marcela Parada-Contzen, José Rigoberto Parada-Daza
Tags
wellbeing
economic factors
human virtues
linear regressions
country samples
homo virtus
homo economicus

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