Correlational finding on Happiness and subject: Specific possessions

StudyLuttmer (2005): study US 1987
TitleNeighbors as Negatives: Relative Earnings and Well-Being.
SourceQuarterly Journal of Economics, 2005, 963-1002
URLhttp://www.nber.org/~luttmer/relative.pdf
Public19+ aged couples, United States, followed 6 years, 1987-1994
SampleProbability multi-stage cluster sample
Non-Response
Respondents N =8944

Correlate
Author's labelln value of home
Page in Source Table 1
Our classificationSpecific possessions
Operationalization
Current value of the respondent's home if the 
respondent is a home-owner. Answer to the question: 
''How much do you think your home would sell for now?''
Observed distributionM: 10.871USD; SD: 0.81USD

Observed Relation with Happiness
Happiness
Measure
StatisticsElaboration/Remarks
O-HL-c-sq-n-7-bBeta=+.07 p < .05
Beta controlled for:
- Income relative to neighborhood
- Household income
- Renter
- Usual working hours
- Employment status
- Gender
- Age
- Race
- Years of education
- Household size
- Religion


Appendix 1: Happiness measures used
CodeFull Text
O-HL-c-sq-n-7-bSelfreport on single question:

Next are some questions about how you see yourself and your life. Taking all things together, how would you say things are these days?
1 very unhappy
2
3
4
5
6
7 very happy


Appendix 2: Statistics used
SymbolExplanation
BetaSTANDARDIZED REGRESSION COEFFICIENT by LEAST SQUARES (OLS)
Type: test statistic.

Measurement level: Correlates: all metric, Happiness: metric.
Range: [-1 ; +1]

Meaning:
beta > 0 a higher correlate level corresponds to a higher happiness rating on average.
beta < 0 a higher correlate level corresponds to a higher happiness rating on average.
beta = 0 no correlation.
beta = + 1 or -1 perfect correlation.
Source:
Ruut Veenhoven, World Database of Happiness, Collection of Correlational Findings, Erasmus University Rotterdam.
https://worlddatabaseofhappiness.eur.nl