Relative status and satisfaction
AbstractThis paper studies the effect of income rank on satisfaction. We hypothesize that a person's satisfaction depends on a comparison of own rank and rank of one's parents. Estimates using data from the German Socio-Economic Panel support the relative rank hypothesis.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 109 (2010)
Issue (Month): 3 (December)
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Web page: http://www.elsevier.com/locate/ecolet
Happiness Income norms Subjective well-being;
Other versions of this item:
- D62 - Microeconomics - - Welfare Economics - - - Externalities
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
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- Karen E. Dynan & Enrichetta Ravina, 2007. "Increasing Income Inequality, External Habits, and Self-Reported Happiness," American Economic Review, American Economic Association, vol. 97(2), pages 226-231, May.
- Martin Carree & Ingrid Verheul, 2012. "What Makes Entrepreneurs Happy? Determinants of Satisfaction Among Founders," Journal of Happiness Studies, Springer, vol. 13(2), pages 371-387, April.
- Grund, Christian & Martin, Johannes, 2012. "Monetary Reference Points of Managers: An Empirical Investigation of Status Quo Preferences and Social Comparisons," IZA Discussion Papers 7097, Institute for the Study of Labor (IZA).
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