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On the Common Claim that Happiness Equations Demonstrate Diminishing Marginal Utility of Income

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  • Oswald, Andrew J.

    ()
    (University of Warwick)

Abstract

It is commonly claimed in the recent happiness literature in psychology and economics that we have proved diminishing marginal utility of income. This paper suggests that we have not. It draws a distinction between concavity of the utility function and concavity of the reporting function.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1781.

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Length: 7 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:iza:izadps:dp1781

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Related research

Keywords: happiness; money; marginal utility; curvature; concave;

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References

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  1. Richard Easterlin, 2005. "Diminishing Marginal Utility of Income? Caveat Emptor," Social Indicators Research, Springer, vol. 70(3), pages 243-255, 02.
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Citations

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Cited by:
  1. Richard Layard & Guy Mayraz & Stephen Nickell, 2007. "The Marginal Utility of Income," CEP Discussion Papers dp0784, Centre for Economic Performance, LSE.
  2. Vendrik, Maarten & Woltjer, Geert, 2006. "Happiness and Loss Aversion: When Social Participation Dominates Comparision," Research Memorandum 027, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  3. Gardner, Jonathan & Oswald, Andrew J., 2006. "Money and Mental Wellbeing : A Longitudinal Study of Medium-Sized Lottery Wins," The Warwick Economics Research Paper Series (TWERPS) 754, University of Warwick, Department of Economics.
  4. Oswald, Andrew J. & Powdthavee, Nattavudh, 2006. "Does Happiness Adapt? A Longitudinal Study of Disability with Implications for Economists and Judges," IZA Discussion Papers 2208, Institute for the Study of Labor (IZA).
  5. Jose Alberto Molina & Maria Navarro & Ian Walker, 2007. "Mums and their sons; Dads and their daughters: Panel Data Evidence of Parental Altruism across 14 EU Countries," Working Papers 200721, Geary Institute, University College Dublin.
  6. Paul Read & Janet Stanley & Dianne Vella-Brodrick & Dave Griggs, 2013. "Towards a contraction and convergence target based on population life expectancies since 1960," Environment, Development and Sustainability, Springer, vol. 15(5), pages 1173-1187, October.
  7. Molina, José Alberto & Navarro Paniagua, Maria & Walker, Ian, 2007. "Mums and Their Sons, Dads and Their Daughters: Panel Data Evidence of Interdependent Marginal Utilities across 14 EU Countries," IZA Discussion Papers 2734, Institute for the Study of Labor (IZA).

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