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Solution Library
Calculation of the Probability of Increase in Income and Wealth and Increase in Happiness
Question
Does an increase in income or wealth lead to greater happiness? This is a question that has caught the attention of researchers. Some have argued the increasing pace of modern life, changes in social attitudes towards the family, competition for jobs and a desire to keep up with our neighbors have made some of us less happy. Also, it has been argued that rising incomes and technology have had a negative effect on our happiness in the sense that we have become more materialistic and more socially isolated. The relationship between income and happiness has been investigated in studies such as the World Values Survey (WVS), which involves 115,000 respondents from 78 countries that represent 83% of the world’s population. The WVS includes the following question on happiness: “Taking all things together, would you say you are, 4 – very happy, 3 – quite happy, 2 – not very happy, 1 – not at all happy.” For Australia, the mean happiness score is 3.37 with a standard deviation of 0.62. The happiest country, Brazil, has a mean of 3.50 and standard deviation 0.69. What percent of Brazilians are less happy than an average Australian? Discuss in 100 words or less what could be the problem with such reporting.
Summary
The question belongs to Statistics and it is about calculating the relationship between increase in income and wealth and increase in happiness. The probability of this popular notion has been calculated in the solution in detail.
Total Word Count 91
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