Subjective Well-Being: Keeping up with the Joneses. Real or Perceived? INCOMPLETE AND PRELIMINARY DRAFT
نویسندگان
چکیده
Using data from the General Social Survey, we study the role of income in self-reported happiness. Unexpected income gains increase happiness but individual happiness is not very persistent over time. Relative income is more important than absolute income, in particular, income relative to individuals’ own cohort working in the same occupation group, and living in the same region. Perceptions about relative income are more important than actual relative income in explaining individual well-being. The results are robust to inclusion of individual fixed effects and also to instrumenting own income with sector level wages or compensation. JEL Classification: D14, D63, I31,
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