Abstract
Can positive expectations help foster resiliency against adversity? In this study, we used high-frequency panel data, to examine how positive as compared to neutral and negative expectations can buffer the negative impact on subjective well-being generated by an adverse event, the announcement of the Greek bailout referendum in July 2015. Results show that individuals with more positive expectations for the future before the referendum announcement experienced smaller decreases in subjective well-being and adapted quicker to this adverse event. In addition, we found evidence that individuals who shifted from positive to negative expectations before and during the adverse event, respectively, had significantly lower subjective well-being than individuals who had consistent positive expectations. This finding supports the view that optimism, or consistent positive expectations, and even positive mindsets, as indicated by lacks of shifts to negativity, can be a source of resilience that helps individuals cope and adapt quicker to adverse events.
Highlights
There has been a surge of interest in the role of positive thinking for enhancing resiliency and well-being
Controlling for the previous level of subjective well-being as well as personal and socio-economic characteristics of the respondents, we find that the expectations index is positively and significantly associated with the difference in happiness between Waves 1 and 2 (Table 3; Columns 1 and 2)
We find for both periods a negative coefficient for the quadratic term, the coefficient is statistically insignificant, indicating that positive expectations rather than the lack of negative expectations drive the generation of resilience in the wake of the announcement of the Greek bailout referendum
Summary
There has been a surge of interest in the role of positive thinking for enhancing resiliency and well-being. Positive expectations have an anxiety- and stress-buffering role that helps people remain happy in the wake of adverse events. In other words, being optimistic can be regarded as a source of psychological capital or an asset that individuals use to develop adaptive capacities to cope with challenges in life (Carver et al 2010; Cohn et al 2009). In this regard, it has been found that resilient people are more positive about the future (Mak et al 2011)
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