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Titel: Status, Happiness, and Relative Income
Autor(en): Beath, John
FitzRoy, Felix
Erscheinungsdatum: 2007
Serie/Report Nr.: Forschungsinstitut zur Zukunft der Arbeit/ Institute for the Study of Labor: IZA Discussion Paper Series;2658
Zusammenfassung: Models of status based on Frank's (1985) count of the number of people with lower conspicuous consumption are inconsistent with the extensive empirical literature on happiness and well-being. The alternative approach to consumption interaction which uses some form of relative income has been developed in various contexts. These predict that a representative agent's well-being will increase with real income or consumption. However, this is again inconsistent with the time-series evidence for advanced economies. In this paper we combine a simple model of relative income with a distribution of ability that correctly predicts both time series results of near constant utility, and the positive, concave crosssectional relation between income, working time and happiness.
URI: http://hdl.handle.net/20.500.11780/1105
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