Based on the constructionist point of view applied to Subjective Well-Being (SWB), five hypotheses were advanced about the predictive power of the top-down effects and bottom-up processes over a five years period. The sample consisted of 297 respondents, which represent the Italian sample of a European longitudinal survey; the first phase was conducted in 1995 and the follow-up in 2000. Satisfaction judgments were collected on Overall Life Satisfaction (OLS) and on seven Life Facet Satisfaction (LFS) domains. The top-down effects were measured using a method derived from the constructionist point of view. Life conditions, which represent the bottom-up processes, were gathered by structured questionnaire and were optimized by a factor analyses. A stepwise regression was performed in each satisfaction judgment to test the five hypotheses, which were confirmed with only few exceptions. The results revealed that the top-down effects were a significant predictor in all satisfaction judgments, especially in OLS, where it was the strongest predictor. Life conditions (bottom-up factors) were less strong predictors than the top-down effects, but they became strong predictors if they were gathered at the same time as satisfaction judgments.