Happiness and Gold Prices
(2020) In Working Papers- Abstract
- We use the Twitter-based Hedonometer happiness index to study the link between happiness and gold price changes. We find no significant correlation between the two when we look at correlations across the entire distributions. However, turning to an extreme value theory (EVT) modeling of the tails of the non-normally distributed happiness distribution we find that during particularly depressing days the gold price often goes up. In a sense, gold is found to serve as a happiness-related safe haven, i.e. as a hedge against extreme unhappiness.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/08c33162-4626-41d4-99e0-ac93041534da
- author
- Byström, Hans LU
- organization
- publishing date
- 2020
- type
- Working paper/Preprint
- publication status
- published
- subject
- keywords
- Twitter, happiness, Hedonometer, gold price, tail, extreme value theory, D83, G14, G41, G50
- in
- Working Papers
- issue
- 2020:1
- pages
- 17 pages
- language
- English
- LU publication?
- yes
- id
- 08c33162-4626-41d4-99e0-ac93041534da
- alternative location
- https://swopec.hhs.se/lunewp/abs/lunewp2020_001.htm
- date added to LUP
- 2020-02-26 09:34:41
- date last changed
- 2021-08-12 04:17:59
@misc{08c33162-4626-41d4-99e0-ac93041534da,
abstract = {{We use the Twitter-based Hedonometer happiness index to study the link between happiness and gold price changes. We find no significant correlation between the two when we look at correlations across the entire distributions. However, turning to an extreme value theory (EVT) modeling of the tails of the non-normally distributed happiness distribution we find that during particularly depressing days the gold price often goes up. In a sense, gold is found to serve as a happiness-related safe haven, i.e. as a hedge against extreme unhappiness.}},
author = {{Byström, Hans}},
keywords = {{Twitter; happiness; Hedonometer; gold price; tail; extreme value theory; D83; G14; G41; G50}},
language = {{eng}},
note = {{Working Paper}},
number = {{2020:1}},
series = {{Working Papers}},
title = {{Happiness and Gold Prices}},
url = {{https://swopec.hhs.se/lunewp/abs/lunewp2020_001.htm}},
year = {{2020}},
}