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Relative status and satisfaction

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  • Boes, Stefan
  • Staub, Kevin
  • Winkelmann, Rainer

Abstract

This 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 Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 109 (2010)
Issue (Month): 3 (December)
Pages: 168-170

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Handle: RePEc:eee:ecolet:v:109:y:2010:i:3:p:168-170

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Happiness Income norms Subjective well-being;

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References

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  1. Andrew E. Clark & Nicolai Kristensen & Niels Westergård-Nielsen, 2008. "Economic satisfaction and income rank in small neighbourhoods," PSE Working Papers halshs-00586254, HAL.
  2. Erzo F. P. Luttmer, 2005. "Neighbors as Negatives: Relative Earnings and Well-Being," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 120(3), pages 963-1002, August.
  3. McBride, Michael, 2001. "Relative-income effects on subjective well-being in the cross-section," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 45(3), pages 251-278, July.
  4. Clark, Andrew E. & Frijters, Paul & Shields, Michael A., 2007. "Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," IZA Discussion Papers 2840, Institute for the Study of Labor (IZA).
  5. Karen E. Dynan & Enrichetta Ravina, 2007. "Increasing Income Inequality, External Habits, and Self-Reported Happiness," American Economic Review, American Economic Association, American Economic Association, vol. 97(2), pages 226-231, May.
  6. Ferrer-i-Carbonell, Ada, 2005. "Income and well-being: an empirical analysis of the comparison income effect," Journal of Public Economics, Elsevier, Elsevier, vol. 89(5-6), pages 997-1019, June.
  7. Easterlin, Richard A, 2001. "Income and Happiness: Towards an Unified Theory," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 111(473), pages 465-84, July.
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Cited by:
  1. Polk, Andreas & Schmutzler, Armin & Müller, Adrian, 2013. "Lobbying and the Power of Multinational Firms," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79875, Verein für Socialpolitik / German Economic Association.
  2. Tobias Pfaff, 2013. "Income Comparisons, Income Adaptation, and Life Satisfaction: How Robust Are Estimates from Survey Data?," SOEPpapers on Multidisciplinary Panel Data Research 555, DIW Berlin, The German Socio-Economic Panel (SOEP).
  3. Bille, Trine & Fjællegaard, Cecilie Bryld & Frey, Bruno S. & Steiner, Lasse, 2013. "Happiness in the arts—International evidence on artists’ job satisfaction," Economics Letters, Elsevier, Elsevier, vol. 121(1), pages 15-18.
  4. Distante, Roberta, 2010. "Subjective well-being, income and relative concerns in the UK," MPRA Paper 30786, University Library of Munich, Germany.
  5. Michele Sennhauser, 2009. "Why the Linear Utility Function is a Risky Choice in Discrete-Choice Experiments," SOI - Working Papers 1014, Socioeconomic Institute - University of Zurich.
  6. 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).
  7. Pfaff, Tobias, 2013. "Income comparisons, income adaptation, and life satisfaction: How robust are estimates from survey data?," CIW Discussion Papers 5/2013, University of Münster, Center for Interdisciplinary Economics (CIW).
  8. Robin Samuel & Manfred Bergman & Sandra Hupka-Brunner, 2013. "The Interplay between Educational Achievement, Occupational Success, and Well-Being," Social Indicators Research, Springer, Springer, vol. 111(1), pages 75-96, March.
  9. Martin Carree & Ingrid Verheul, 2012. "What Makes Entrepreneurs Happy? Determinants of Satisfaction Among Founders," Journal of Happiness Studies, Springer, Springer, vol. 13(2), pages 371-387, April.

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