This paper tests for the importance of non-pecuniary costs of unemployment using a longitudinal data-set on life-satisfaction of working-age men in Germany. We show that unemployment has a large detrimental effect on satisfaction after individual specific fixed effects are controlled for. The non-pecuniary effect is much larger than the effect that stems from the associated loss of income.
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Social scientists usually assume that the attitudes, behaviors, and statuses of respondents to longitudinal surveys are not altered by the act of measuring them. If this assumption is false—or even if the quality of survey participants’ responses change because of measurement—then social scientists risk mischaracterizing the existence, magnitude, and correlates of changes across survey waves in respondents’ ...