The monetary value of social capital

Orlowski J, Wicker P (2015)
Journal of Behavioral and Experimental Economics 57: 26-36.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Autor*in
Orlowski, Johannes ; Wicker, PamelaUniBi
Abstract / Bemerkung
The purpose of this study is to estimate the monetary value of social capital by considering its multidimensional nature. Four dimensions are conceptualized: Interpersonal trust, institutional trust, trustworthiness, and participation in civil society (formal and informal). The monetary value is obtained by including social capital in a well-being function and estimating the shadow price of social capital. The empirical analysis is based on data from the European Values Survey covering 45 European countries. A generalized ordered response model is estimated to account for possible heterogeneity of social capital indicators among the ten different subjective well-being levels. The results show that on average a one standard deviation increase in interpersonal trust (people's fairness) is worth an extra € 7913 per year in terms of foregone income, the same increase in institutional trust is worth € 7405, and the same increase in the importance of family is worth € 7312. The findings indicate that social capital has significant monetary value to individuals. This should be considered when designing government policies aiming at, e.g., labor market mobility that are accompanied by a decreasing social capital stock that, in turn, may negatively affect economic and political development.
Stichworte
Happiness; Monetary value; Shadow price; Compensation valuation; Social capital; Subjective well-being; Trust; Generalized ordered probit model
Erscheinungsjahr
2015
Zeitschriftentitel
Journal of Behavioral and Experimental Economics
Band
57
Seite(n)
26-36
ISSN
2214-8043
Page URI
https://pub.uni-bielefeld.de/record/2942583

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Orlowski J, Wicker P. The monetary value of social capital. Journal of Behavioral and Experimental Economics. 2015;57:26-36.
Orlowski, J., & Wicker, P. (2015). The monetary value of social capital. Journal of Behavioral and Experimental Economics, 57, 26-36. doi:10.1016/j.socec.2015.04.007
Orlowski, J., and Wicker, P. (2015). The monetary value of social capital. Journal of Behavioral and Experimental Economics 57, 26-36.
Orlowski, J., & Wicker, P., 2015. The monetary value of social capital. Journal of Behavioral and Experimental Economics, 57, p 26-36.
J. Orlowski and P. Wicker, “The monetary value of social capital”, Journal of Behavioral and Experimental Economics, vol. 57, 2015, pp. 26-36.
Orlowski, J., Wicker, P.: The monetary value of social capital. Journal of Behavioral and Experimental Economics. 57, 26-36 (2015).
Orlowski, Johannes, and Wicker, Pamela. “The monetary value of social capital”. Journal of Behavioral and Experimental Economics 57 (2015): 26-36.

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