What Can we Learn from Subjective Data ? The Case of Income and Well-Being
AbstractHow does the income of others affect my own welfare ? This survey of the empirical literature stresses the contribution of subjective data to the understanding of this issue, with an attempt to disentangle direct effects (preferences interdependence) from indirect informational effects. It shows that perceived mobility is central to the link between other people’s income and individual satisfaction, as it determines individual opportunities and risks. Agents also appreciate the equalitarian nature of mobility itself, in which case individual welfare depends on dynamic inequality rather than static income distribution. These studies illustrate how subjective data can bring information on aspects of utility and social interactions that are beyond the scope of the method based on action-revealed preferences.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2003-06.
Date of creation: Mar 2003
Date of revision: Oct 2003
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- Ada Ferrer-i-Carbonell & Klarita Gërxhani, 2011. "Financial Satisfaction and (in)formal Sector in a Transition Country," Social Indicators Research, Springer, vol. 102(2), pages 315-331, June.
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