Abstract
A growing body of literature explains subjective well-being (SWB) from different perspectives. The statement of “built, human, social, and natural capital are necessary determinants of SWB” is named the four-capital model. Based on a cross-sectional dataset in 2013, which included 3293 individuals and covered the urban areas of most provinces in China, this paper employs the four-capital model to explain individual SWB of urban China. We select individual income and household income per capita as proxies of built capital; physical health and education as proxies of human capital; social connection and social trust as proxies of social capital; and air quality as a proxy of natural capital. In the four-capital model, household income per capita and physical health have almost the same and larger positive impacts on individual SWB of urban China; social connection, social trust, and air quality have smaller and diminishing positive impacts on individual SWB of urban China; and individual income and education are statistically insignificant. The empirical results offer guidance on how to achieve human-centered urbanization for China. This paper provides insights into how to further improve human well-being of urban residents in China and the applicability of the four-capital model in explaining SWB at the individual level.
Highlights
Well-being improvement is the overarching and ultimate goal that humanity should pursue [1,2,3]
The regression estimations of Vemuri and Costanza [9] and Abdallah et al [11] are based on cross-sectional datasets, the national subjective well-being (SWB) data of Vemuri and Costanza [9] are of different years and the national SWB data of Abdallah et al [11] are obtained from multiple data sources
At least one indicator of built, human, social, and natural capital has significant positive impacts on individual SWB of urban China, which means that the four-capital model makes sense in explaining individual SWB of urban China
Summary
Well-being improvement is the overarching and ultimate goal that humanity should pursue [1,2,3]. Vemuri and Costanza [9], Costanza et al [10], Abdallah et al [11], and Costanza et al [1,12] propose that four types of capital, i.e., built, human, social, and natural capital, are necessary determinants of SWB. Costanza et al [1,12] further argue that built, human, social, and natural capital are basic and essential elements for humanity as a whole to achieve the overall goal of sustainable well-being. The four types of capital are in accordance with the three pillars of sustainable development, i.e., the economic pillar (built and human capital), the social pillar (human and social capital), and the environmental pillar (natural capital)
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