FINANCIAL SECURITY, INDIVIDUAL AUTONOMY, AND DEMOCRATIC IDEALS: KEY LIFE SATISFACTION DRIVERS
This paper explores the most robust determinants of life satisfaction using empirical analysis of World Values Survey data, including the latest version 4.0, time series 1981- 2022. Three significant ones emerged (a triad), namely contentment with ho

Author(s): Daniel Homocianu, Dinu Airinei
Subject(s): ICT Information and Communications Technologies
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: World Values Survey (WVS); life satisfaction; financial contentment; freedom of choice and control; democracy
Summary/Abstract: This paper explores the most robust determinants of life satisfaction using empirical analysis of World Values Survey data, including the latest version 4.0, time series 1981- 2022. Three significant ones emerged (a triad), namely contentment with household financial situation, freedom of choice and control, and democracy in terms of exposure to it and democratic values, all in a logit model with good accuracy of classification (AUC-ROC greater than 0.8) and a high maximum probability (more than 95%). Rigorous selection processes coupled with advanced methodologies such as variable selection, triangulation, cross-validations (random, and non-random - both on socio- economic variables and dataset versions), overfitting removal, collinearity and reverse causality checks, and different regressions contributed to the evaluation and validation of the final most robust model. Zlotnik and Abraira’s prediction nomograms helped rank the predictors and stood behind the final model with three core components to estimate life satisfaction probabilities. The findings are a step forward in life satisfaction research and provide significant ideas for policymakers.

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