On the Common Claim that Happiness Equations Demonstrate Diminishing Marginal Utility of Income
AbstractIt 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 InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1781.
Length: 7 pages
Date of creation: Sep 2005
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Find related papers by JEL classification:
- I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
- D1 - Microeconomics - - Household Behavior
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