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Income, Happiness, and the Disutility of Labour

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Author Info
Andreas Knabe () (Faculty of Economics and Management, Freie University Berlin)
Steffen Rätzel () (Faculty of Economics and Management, Otto-von-Guericke University Magdeburg)

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Abstract

We reexamine the claim that the effect of income on subjective well-being suffers from a systematic downward bias if one ignores that higher income is typically associated with more work effort. We analyze this claim using German panel data, controlling for individual unobserved heterogeneity, and specifying the impact of working hours in a non-monotonic form. Our results suggest that the impact of working hours on happiness is rather small and exhibits an inverse U-shape. We do not find evidence that leaving working hours out of the analysis leads to an underestimation of the income effect.

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File URL: http://www.ww.uni-magdeburg.de/fwwdeka/femm/a2009_Dateien/2009_10.pdf
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File Function: First version, 2009
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Publisher Info
Paper provided by Otto-von-Guericke University Magdeburg, Faculty of Economics and Management in its series FEMM Working Papers with number 09010.

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Length: 7 pages
Date of creation: Mar 2009
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Handle: RePEc:mag:wpaper:09010

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Related research
Keywords: Happiness; Life Satisfaction; Income; Working Hours;

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Find related papers by JEL classification:
D60 - Microeconomics - - Welfare Economics - - - General
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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References listed on IDEAS
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  1. Andrew E. Clark & Paul Frijters & Michael A. Shields, 2008. "Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles," Journal of Economic Literature, American Economic Association, vol. 46(1), pages 95-144, March.
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  2. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, 07. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2009-11-10.

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