This study investigates the dynamics of adolescents’ life satisfaction and the effects of academic success on life satisfaction using the Korean Youth Panel Survey (KYPS) 2003–2007 data. Unlike previous studies, our dynamic ordered probit models allow for persistence in life satisfaction which is attributable both to unobserved individual heterogeneity and to state dependence. First, we find that strong state dependence exists in adolescents’ life satisfaction, that is, current life satisfaction is significantly affected by the previous state. Second, we show that academic success undoubtedly has a positive effect on adolescents’ life satisfaction even after controlling for state dependence. Finally, we present that there exists an interesting gender difference: boys show stronger persistence in the state of high life satisfaction, whereas girls have stronger persistence in dissatisfaction.
|Number of pages||21|
|Journal||Journal of Economic Psychology|
|Publication status||Published - 2017 Apr 1|
Bibliographical noteFunding Information:
We are grateful to Professor Youjin Hahn and an anonymous reviewer for their helpful comments. This study was partially funded by the National Research Foundation of Korea (Grant No. NRF-2013S1A3A2053586/NRF-2016S1A3A2923769). The authors declare that they have no conflict of interest.
© 2017 Elsevier B.V.
All Science Journal Classification (ASJC) codes
- Sociology and Political Science
- Applied Psychology
- Economics and Econometrics