THE MARGINAL UTILITY OF INCOME
نویسندگان
چکیده
منابع مشابه
The marginal utility of income
In normative public economics it is crucial to know how fast the marginal utility of income declines as income increases. One needs this parameter for cost-benefit analysis, for optimal taxation and for the (Atkinson) measurement of inequality. We estimate this parameter using four large cross-sectional surveys of subjective happiness and two panel surveys. Altogether, the data cover over 50 co...
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[T]he income and happiness relationship is . . . curvilinear . . . with a decreasing marginal utility for higher levels of income . . . . (Diener, Sandvik, Seidlitz, and Diener, 1993, 204; cf. also Diener and Biswas-Diener, 2002, 119) [W]e not only see a clear positive relationship [between happiness and GNP per capita], but also a curvilinear pattern; which suggest that wealth is subject to a ...
متن کاملThe assumption of equal marginal utility of income: how much does it matter?
In most applied cost–benefit analyses, individual willingness to pay (WTP) is aggregated without using explicit welfare weights. This can be justified by postulating a utilitarian social welfare function along with the assumption of equal marginal utility of income for all individuals. However, since marginal utility is a cardinal concept, there is no generally accepted way to verify the plausi...
متن کاملMarginal Utility of Income and value of time in urban transport
We relax the assumption of constancy of the marginal utility of income into a structural model of urban transportation with endogenous congestion. We examine the impact of unobserved heterogeneity in Marginal Utility (MU) of income on the determinants of travel by estimating the model using household survey data. We show that the value of time is no more statistically different across time slot...
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ژورنال
عنوان ژورنال: Oxford Economic Papers
سال: 1973
ISSN: 1464-3812,0030-7653
DOI: 10.1093/oxfordjournals.oep.a041250