TY - UNPB
T1 - Quantifying the impact and cost of climatic conditions on personal financial and health wellbeing
AU - Chrysanthou, Georgios
AU - Tzouvanas, Panagiotis
PY - 2023/8/15
Y1 - 2023/8/15
N2 - This study fills an important gap in the literature by quantifying the impact and economic cost of weather conditions on group of self-assessed health and financial wellbeing indicators typically reported in survey data. We estimate the effects of sunshine, rainfall, and temperature anomalies on personal financial, mental and physical health assessments. We compile a unique dataset of >400,000 observations spanning 1991-2018 by matching individual-level data (covering 380 Local Authority Districts) from the British Household & Understanding Society Surveys to 32 weather stations. We provide novel robust evidence that good climatic conditions increase the probability to give higher assessments, while adverse conditions (particularly temperature anomalies) do the reverse. The estimated monetary cost of weather changes is as high as 20% of monthly household income.
AB - This study fills an important gap in the literature by quantifying the impact and economic cost of weather conditions on group of self-assessed health and financial wellbeing indicators typically reported in survey data. We estimate the effects of sunshine, rainfall, and temperature anomalies on personal financial, mental and physical health assessments. We compile a unique dataset of >400,000 observations spanning 1991-2018 by matching individual-level data (covering 380 Local Authority Districts) from the British Household & Understanding Society Surveys to 32 weather stations. We provide novel robust evidence that good climatic conditions increase the probability to give higher assessments, while adverse conditions (particularly temperature anomalies) do the reverse. The estimated monetary cost of weather changes is as high as 20% of monthly household income.
KW - climate change
KW - ordinal outcomes
KW - subjective financial evaluations
KW - subjective wellbeing
KW - weather conditions
U2 - 10.2139/ssrn.4541415
DO - 10.2139/ssrn.4541415
M3 - Preprint
BT - Quantifying the impact and cost of climatic conditions on personal financial and health wellbeing
ER -