| The cotton economy of Burkina Faso has been characterized by a changing rural environment for farmers since late nineties, which has come with the cotton reform and the resulting cotton boost. There have been slight improvements in living standards and rural households’ income while the subjective feeling of wealth has significantly increased. In this paper, I explore the channels through which the elements of the changing rural environment can bridge the wedge between subjective and objective measures of wealth. In addition to the basic determinants of subjective welfare that can be found in the happiness economics literature, namely absolute and relative income measures, health and social status (and expectations of future incomes), I investigate the... |
