**Table 4. Comparison of well-being over the lifespan in the pooled OLS versus fixed-effects regressions:**

|||||**RLMS data**|**(1995–2013)**||||
|---|---|---|---|---|---|---|---|---|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
||POLS|FE|POLS|FE|POLS|FE|POLS|FE|
|Age|-0.0051***<br>|-0.0068<br>|-0.0598***<br>|-0.0442***<br>|-0.1586***<br>|-0.1351***<br>|||
||(0.002)|(0.008)|(0.003)|(0.008)|(0.006)|(0.010)|||
|Age squared|||0.0006***|0.0004***|0.0028***|0.0025***|||
||||(0.000)|(0.000)|(0.000)|(0.000)|||
|Age cubic|||||-0.00002***<br>|-0.00001***<br>|||
||||||(0.000)|(0.000)|||
|Age 23-27|||||||-0.3316***|-0.1460***|
||||||||(0.018)|(0.020)|
|Age 28-32|||||||-0.3929***|-0.1265***|
||||||||(0.022)|(0.027)|
|Age 33-37|||||||-0.4405***|-0.1341***|
||||||||(0.027)|(0.033)|
|Age 38-42|||||||<br>-0.4444***|<br>-0.0738*|
||||||||(0.032)|(0.040)|
|Age 43-47|||||||-0.4363***|0.0005|
||||||||(0.038)|(0.047)|
|Age 48-52|||||||<br>-0.4124***|<br>0.0652|
||||||||(0.044)|(0.054)|
|Age 53-57|||||||-0.3120***<br>|0.1970***<br>|
||||||||(0.050)|(0.060)|
|Age 58-62|||||||<br>-0.2060***|<br>0.3405***|
||||||||(0.055)|(0.068)|
|Age 63-67|||||||-0.1424**<br>|0.4113***<br>|
||||||||(0.062)|(0.075)|
|Age 68-72|||||||-0.0310|0.5069***|
||||||||(0.068)|(0.083)|
|Age 73-77|||||||0.0458|0.5871***|
||||||||(0.075)|(0.090)|
|Age 78-82|||||||0.1310|0.6647***|
||||||||(0.082)|(0.099)|
|Age 83-87|||||||0.2576***|0.7894***|
||||||||(0.091)|(0.110)|
|Age 88-104|||||||0.1696|0.7036***|
||||||||(0.108)|(0.135)|
|Born 1920-29|-0.2613***||0.0508||-0.2168***||-0.1073**||
||(0.049)||(0.052)||(0.052)||(0.051)||
|Born 1930-39|<br>-0.4766***||<br>0.0450||<br>-0.3233***||<br>-0.1538***||
||(0.055)||(0.059)||(0.060)||(0.057)||
|Born 1940-49|-0.6815***||-0.0029||-0.3663***||-0.1686***||
||(0.066)||(0.071)||(0.072)||(0.065)||
|Born 1950-59|-0.8258***||-0.0781||-0.3556***||-0.1340*||
||(0.077)||(0.083)||(0.083)||(0.073)||
|Born 1960-69|-0.8946***||-0.1688*||-0.3480***||-0.0973||
||(0.090)||(0.095)||(0.094)||(0.082)||
|Born 1970-79|-0.8218***||-0.2069*||-0.3480***||-0.0141||
||(0.104)||(0.107)||(0.106)||(0.092)||
|Born 1980-89|-0.6666***||-0.1982*||-0.3986***||0.0597||
||(0117)||(0119)||(0118)||(0101)||
|Born 1990-99|.<br>-0.4030***||.<br>-0.0635||.<br>-0.3728***||.<br>0.2093*||
||(0.129)||(0.130)||(0.129)||(0.108)||
|Minimum|||51.5|56.1|42.2|42.9|||
|Maximum|||||82.6|74.4|||
|N|162808|162808|162808|162808|162808|162808|162808|162808|
|_Adj._R<sup>2</sup>|0.197|0.085|0.204|0.087|0.208|0.090|0.204|0.087|

_Note:_ The dependent variable is self-rated individual life satisfaction (5-point scale). Age ranges from 14 to 104, with age 14–22 as the reference in (5) and (6). For cohort dummies, the reference group is those born between 1894 and 1919. The controls are gender, employment status (employed versus not employment as the reference) marital status (married/ living together, divorced/separated, widowed, with single/never married as the reference), education (medium level education and high level education, with low level education as the reference), income quintiles, self-reported health (5-point scale), and year dummies. Robust standard errors clustered at the individual level are in parentheses.* _p_ < 0.1, ** _p_ < 0.05, *** _p_ < 0.01.

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