WELLBY
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The WELLBY (or WELBY), short for Well-being Year, is a unit of subjective well-being used in happiness economics.[1]
It is calculated as subjective well-being (usually life satisfaction or happiness) measured on a 0-10 scale (often derived from surveys), multiplied by the number of years for which it lasts, usually multiplied by the number of people involved. 10 WELLBYs can thus represent someone spending one year in perfect happiness (= 1 x 1 x 10), or two years in moderate (5/10) happiness (= 1 x 2 x 5), or five people spending one year in low (2/10) happiness (5 x 1 x 2), etc.
Alternative units[edit]
In economics, WELLBYs are used to measure the effectiveness of government policies, etc. They are preferable to financial units (e.g. dollars) as many things people value, such as relationships, or human life itself, cannot be adequately expressed in financial terms.
An equivalent unit is the WALY (Wellbeing-Adjusted Life Year), except that 10 WELLBYs = 1 WALY. The HLY (Happy Life Year), occasionally used, is the same as the WALY.
A related unit, the QALY (Quality-Adjusted Life Year), only measures health, not other aspects of well-being.
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