Abstract

The concept of welfare has evolved to incorporate subjective elements. One key factor for development is social capital. Participation in organizations promotes a more active social life, with potential positive results on welfare. This work investigates this last association through the estimation of a bivariate ordered probit model by using the World Value Survey for Chile. Results show a positive association between participation in organizations and satisfaction with the economic situation, however, in the case of life satisfaction and happiness, this effect is unclear for economic and recreational organizations. This result suggests that subjective well-being do not necessarily respond to the economic situation.