Health inequalities and subjective wellbeing.

We contribute to the literature on subjective well-being by examining the relationship between life satisfaction and health inequalities, focusing on both inequality in outcomes and inequality of opportunity. The role of the latter is tested using the Human Opportunity Index. As sensitivity checks, several indexes are computed using either different health outcomes or different combinations of circumstances. Our findings indicate a negative relationship between life satisfaction and health inequalities. We also show that inequality of opportunity in health outperforms inequality in health outcomes in explaining subjective well-being. These results highlight the importance of considering non-income forms of inequality in understanding subjective well-being. They also point out the role of fairness in this relationship. Additionally, we explore the rationale behind the life satisfaction/inequality of opportunity in health nexus. By splitting the sample, we identify a prominent role for pro-social preferences, particularly the well-being of one's own offspring.