Hopefully your marriage produces happiness for all involved. Now, what is that happiness over your life worth in dollars? Professor Paul Frijter of Queensland University of Technology says it is worth $31,600 to the man and $15,600 to the woman, and it may be that the difference is due to the fact that Professor Frijter and two other economists have found that the impact of money on women is double the impact on men.
In my column in The Herald today I explain how the three economists have arrived at a money value for 10 life events, among them marriage, separation, death of a family member and moving house. It is a serious study they suggest can be used to set compensation levels.
Basically the economists have gauged the impact of money gains and losses on individuals' happiness and, so, they can estimate the amount of money needed to restore happiness after an unhappy life event.
By their calculation just $8900 would restore my wife's happiness if we divorced, and I'd need $109,300!
The amounts may seem low because they discovered that money has a greater impact on happiness than previously believed!
How important is money to your happiness? Or its absence to your unhappiness? And can money really compensate anyone for, say, the death of a family member or an injury?