Using Panel Data on Income Satisfaction to Estimate the Equivalence Scale Elasticity
AbstractIn this paper a new method to estimate the equivalence scale elasticity using individual panel data on income satisfaction will be developed. In contrast to other subjective approaches, the present one benefits from the fact that no direct cardinal individual welfare function has to be specified. In addition, panel data enables different scale use by the respondents to be controlled. The approach gives straightforward evidence: Obviously there is an optimal elasticity at which people feel satisfied with their income.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 224.
Length: 20 pages
Date of creation: Dec 2000
Date of revision:
Publication status: published in: Review of Income and Wealth, 2003, 49 (3), 359-372
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Postal: IZA, Margard Ody, P.O. Box 7240, D-53072 Bonn, Germany
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
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