An increase in real per capita income is generally expected to be associated with nonnegative variation in life satisfaction. The alternative (association with negative changes) is generally defined as “frustrated achievement” (Graham and Pettinato, 2002). We investigate the determinants of “frustrated achievement” in the German socioeconomic panel on more than 60,000 observations collected between 1992 and 2004. We observe, in correspondence of almost one third of yearly increases of (equivalised) real household income, a parallel reduction in self declared life satisfaction. Our econometric findings show that lack of full time job, health deterioration, relative income effects, marital status shocks and reduction of relational life are the main factors associated to this phenomenon.
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