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Happiness and loss aversion: Is utility concave or convex in relative income?

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Cited by:

  1. Benno Torgler & Markus Schaffner & Bruno S. Frey & Sascha L. Schmidt, 2008. "Looking Awkward When Winning and Foolish When Losing: Inequity Aversion and Performance in the Field," CREMA Working Paper Series 2008-11, Center for Research in Economics, Management and the Arts (CREMA).
  2. Jantsch, Antje & Le Blanc, Julia & Schmidt, Tobias, 2022. "Wealth and subjective well-being in Germany," Discussion Papers 11/2022, Deutsche Bundesbank.
  3. Assa, Hirbod & Zimper, Alexander, 2018. "Preferences over all random variables: Incompatibility of convexity and continuity," Journal of Mathematical Economics, Elsevier, vol. 75(C), pages 71-83.
  4. Mentzakis, Emmanouil & Moro, Mirko, 2009. "The poor, the rich and the happy: Exploring the link between income and subjective well-being," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(1), pages 147-158, January.
  5. Zheng Fang & Yoko Niimi, 2015. "Do Losses Bite More than Gains? Evidence from a Panel Quantile Regression Analysis of Subjective Well-being in Japan," Economic Growth Centre Working Paper Series 1507, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
  6. Peter P. Wakker, 2008. "Explaining the characteristics of the power (CRRA) utility family," Health Economics, John Wiley & Sons, Ltd., vol. 17(12), pages 1329-1344, December.
  7. Boyce, Christopher J., 2010. "Understanding fixed effects in human well-being," Journal of Economic Psychology, Elsevier, vol. 31(1), pages 1-16, February.
  8. Kaiser, Caspar, 2018. "People do not adapt to income changes: A re-evaluation of the dynamic effects of (reference) income on life satisfaction with GSOEP and UKHLS data," MPRA Paper 89867, University Library of Munich, Germany.
  9. Christopher J. Boyce & Alex M. Wood & James Banks & Andrew E. Clark & Gordon D. A. Brown, 2013. "Money, Well-Being, and Loss Aversion: Does an Income Loss Have a Greater Effect on Well-Being Than an Equivalent Income Gain?," PSE - Labex "OSE-Ouvrir la Science Economique" halshs-00941907, HAL.
  10. Cornelis Dirk van Goeverden, 2021. "The value of travel speed," Papers 2106.06599, arXiv.org.
  11. Xinxin Ma & Xiangdan Piao, 2019. "The Impact of Intra-household Bargaining Power on Happiness of Married Women: Evidence from Japan," Journal of Happiness Studies, Springer, vol. 20(6), pages 1775-1806, August.
  12. Carter, Steven & McBride, Michael, 2013. "Experienced utility versus decision utility: Putting the ‘S’ in satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 42(C), pages 13-23.
  13. Boyce, Christopher J. & Wood, Alex M., 2011. "Personality and the marginal utility of income: Personality interacts with increases in household income to determine life satisfaction," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 183-191, April.
  14. Kaiser, Caspar, 2022. "Using memories to assess the intrapersonal comparability of wellbeing reports," Journal of Economic Behavior & Organization, Elsevier, vol. 193(C), pages 410-442.
  15. Schleich, Joachim & Gassmann, Xavier & Meissner, Thomas & Faure, Corinne, 2019. "A large-scale test of the effects of time discounting, risk aversion, loss aversion, and present bias on household adoption of energy-efficient technologies," Energy Economics, Elsevier, vol. 80(C), pages 377-393.
  16. Hong, Yan-Zhen & Su, Yi-Ju & Chang, Hung-Hao, 2023. "Analyzing the relationship between income and life satisfaction of Forest farm households - a behavioral economics approach," Forest Policy and Economics, Elsevier, vol. 148(C).
  17. Jan-Emmanuel De Neve & George Ward & Femke De Keulenaer & Bert Van Landeghem & Georgios Kavetsos & Michael I. Norton, 2018. "The Asymmetric Experience of Positive and Negative Economic Growth: Global Evidence Using Subjective Well-Being Data," The Review of Economics and Statistics, MIT Press, vol. 100(2), pages 362-375, May.
  18. Yaman, F. & Cubi-Molla, P. & Ungureanu, S., 2019. "Which Decision Theory Describes Life Satisfaction Best? Evidence from Annual Panel Data," Working Papers 19/12, Department of Economics, City University London.
  19. Axel Freudenberger & Yoav Wachsman, 2021. "Framing and Loss Aversion Tested in the Context of an Academic Examination," Economics Bulletin, AccessEcon, vol. 41(3), pages 2012-2020.
  20. Schmidt, Ulrich & Neyse, Levent & Aleknonyte, Milda, 2019. "Income inequality and risk taking: the impact of social comparison information," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 87(3), pages 283-297.
  21. Terzi, Ayse, 2017. "Essays on behavioral finance," Other publications TiSEM 54b3a2b4-75f9-4d58-b4ce-3, Tilburg University, School of Economics and Management.
  22. Schmidt, Ulrich & Friedl, Andreas & Lima de Miranda, Katharina, 2015. "Social comparison and gender differences in risk taking," Kiel Working Papers 2011, Kiel Institute for the World Economy (IfW Kiel).
  23. Jona Linde & Joep Sonnemans, 2012. "Social comparison and risky choices," Journal of Risk and Uncertainty, Springer, vol. 44(1), pages 45-72, February.
  24. Kaiser, Caspar & Vendrik, Maarten C.M., 2020. "How threatening are transformations of happiness scales to subjective wellbeing research?," Research Memorandum 032, Maastricht University, Graduate School of Business and Economics (GSBE).
  25. Martí­n Leites & Xavier Ramos, 2017. "The effect of relative concern on life satisfaction: Relative deprivation and loss aversion," Documentos de Trabajo (working papers) 17-18, Instituto de Economía - IECON.
  26. Alan Piper, 2014. "Zukunftsangst! Fear of (and Hope for) the Future and Its Impact on Life Satisfaction," SOEPpapers on Multidisciplinary Panel Data Research 706, DIW Berlin, The German Socio-Economic Panel (SOEP).
  27. Yee Ngoo & Nai Tey & Eu Tan, 2015. "Determinants of Life Satisfaction in Asia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 124(1), pages 141-156, October.
  28. David A. Weisbach, 2008. "What Does Happiness Research Tell Us About Taxation?," The Journal of Legal Studies, University of Chicago Press, vol. 37(S2), pages 293-324, June.
  29. Yee Ting Ngoo & Eu Chye Tan & Nai Peng Tey, 2021. "Determinants of Life Satisfaction in Asia: A Quantile Regression Approach," Journal of Happiness Studies, Springer, vol. 22(2), pages 907-926, February.
  30. Benno Torgler & Markus Schaffner & Bruno S. Frey & Sascha L. Schmidt & Uwe Dulleck, 2008. "Inequality Aversion and Performance in and on the Field," NCER Working Paper Series 36, National Centre for Econometric Research.
  31. Atsebi, Jean-Marc Bédhat & Ferrer-i-Carbonell, Ada, 2022. "Relative deprivation in Tanzania: Relative concerns and empathy," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 389-408.
  32. Pfaff, Tobias & Hirata, Johannes, 2013. "Testing the Easterlin hypothesis with panel data: The dynamic relationship between life satisfaction and economic growth in Germany and in the UK," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79965, Verein für Socialpolitik / German Economic Association.
  33. Kaiser, Caspar, 2020. "People do not adapt. New analyses of the dynamic effects of own and reference income on life satisfaction," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 494-513.
  34. Astrid Gamba & Elena Manzoni & Luca Stanca, 2017. "Social comparison and risk taking behavior," Theory and Decision, Springer, vol. 82(2), pages 221-248, February.
  35. Matteo Migheli, 2017. "The winner’s curse in auctions with losses," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 16(1), pages 113-126, November.
  36. Hajdu, Tamás & Hajdu, Gábor, 2011. "A hasznosság és a relatív jövedelem kapcsolatának vizsgálata magyar adatok segítségével [Examining the relation of utility and relative income using Hungarian data]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 56-73.
  37. Mujcic, Redzo & Frijters, Paul, 2015. "Conspicuous consumption, conspicuous health, and optimal taxation," Journal of Economic Behavior & Organization, Elsevier, vol. 111(C), pages 59-70.
  38. Schmidt, Ulrich & Neyse, Levent & Aleknonyte, Milda, 2015. "Income Inequality and Risk Taking," MPRA Paper 64913, University Library of Munich, Germany.
  39. Park, Sangkyun, 2009. "Portfolio choice when relative income matters," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 530-533, June.
  40. Susanne Elsas, 2021. "Causality in the Link between Income and Satisfaction: IV Estimation with Internal Instruments," SOEPpapers on Multidisciplinary Panel Data Research 1143, DIW Berlin, The German Socio-Economic Panel (SOEP).
  41. Fang, Zheng & Niimi, Yoko, 2017. "Does everyone exhibit loss aversion? Evidence from a panel quantile regression analysis of subjective well-being in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 46(C), pages 79-90.
  42. Friederike Mengel & Ronald Peeters, 2022. "Do markets encourage risk-seeking behaviour?," The European Journal of Finance, Taylor & Francis Journals, vol. 28(13-15), pages 1474-1480, October.
  43. Salland, Jan, 2021. "Income Comparison and Happiness within Households," Working Paper 191/2021, Helmut Schmidt University, Hamburg.
  44. Linnea Polgreen & Nicole Simpson, 2011. "Happiness and International Migration," Journal of Happiness Studies, Springer, vol. 12(5), pages 819-840, October.
  45. Thi Kim Cuong Pham, 2019. "Keeping up with or running away from the Joneses: the Barro model revisited," Journal of Economics, Springer, vol. 126(2), pages 179-192, March.
  46. Trinh Q. Long, 2021. "Individual Subjective Well-Being during the COVID-19 Pandemic," Sustainability, MDPI, vol. 13(14), pages 1-18, July.
  47. Nicole B. Simpson, 2013. "Happiness and migration," Chapters, in: Amelie F. Constant & Klaus F. Zimmermann (ed.), International Handbook on the Economics of Migration, chapter 21, pages 393-408, Edward Elgar Publishing.
  48. Tobias Pfaff & Johannes Hirata, 2013. "Testing the Easterlin Hypothesis with Panel Data: The Dynamic Relationship between Life Satisfaction and Economic Growth in Germany and the UK," SOEPpapers on Multidisciplinary Panel Data Research 554, DIW Berlin, The German Socio-Economic Panel (SOEP).
  49. Layard, Richard & Mayraz, Guy & Nickell, Stephen, 2009. "Does relative income matter? Are the critics right?," LSE Research Online Documents on Economics 28594, London School of Economics and Political Science, LSE Library.
  50. Filiz Gülal & Adam Ayaita, 2020. "The Impact of Minimum Wages on Well-Being: Evidence from a Quasi-experiment in Germany," Journal of Happiness Studies, Springer, vol. 21(7), pages 2669-2692, October.
  51. Salvatori, Andrea, 2010. "Labour contract regulations and workers' wellbeing: International longitudinal evidence," Labour Economics, Elsevier, vol. 17(4), pages 667-678, August.
  52. Hyndman, Kyle & Walker, Matthew J., 2022. "Fairness and risk in ultimatum bargaining," Games and Economic Behavior, Elsevier, vol. 132(C), pages 90-105.
  53. Cristina Bernini & Silvia Emili & Maria Rosaria Ferrante, 2023. "Poverty‐happiness nexus: Does the use of regional poverty lines matter?," Papers in Regional Science, Wiley Blackwell, vol. 102(2), pages 253-272, April.
  54. Kaiser, Caspar & Vendrik, Maarten C. M., 2019. "How threatening are transformations of reported happiness to subjective wellbeing research?," SocArXiv gzt7a, Center for Open Science.
  55. Xiangdan Piao & Xinxin Ma & Tetsuya Tsurumi & Shunsuke Managi, 2022. "Social Capital, Negative Event, Life Satisfaction and Sustainable Community: Evidence from 37 Countries," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 17(3), pages 1311-1330, June.
  56. Andreas Friedl & Katharina Lima de Miranda & Ulrich Schmidt, 2014. "Insurance demand and social comparison: An experimental analysis," Journal of Risk and Uncertainty, Springer, vol. 48(2), pages 97-109, April.
  57. Maite Blázquez & Ana I. Moro Egido, 2020. "Financial insecurity and subjective well-being. Europe in crossnational perspective," ThE Papers 20/07, Department of Economic Theory and Economic History of the University of Granada..
  58. Luis Angeles, 2008. "Adaption or social comparison? The effects of income on happiness," Working Papers 2009_09, Business School - Economics, University of Glasgow, revised Jun 2009.
  59. Xiangdan Piao & Xinxin Ma & Shunsuke Managi, 2021. "Impact of the Intra-household Education Gap on Wives’ and Husbands’ Well-Being: Evidence from Cross-Country Microdata," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 156(1), pages 111-136, July.
  60. Pfaff, Tobias & Hirata, Johannes, 2013. "Testing the Easterlin hypothesis with panel data: The dynamic relationship between life satisfaction and economic growth in Germany and in the UK," CIW Discussion Papers 4/2013, University of Münster, Center for Interdisciplinary Economics (CIW).
  61. Distefano, Rosaria, 2022. "Better to be in the same boat: Positional envy in the workplace," MPRA Paper 115396, University Library of Munich, Germany.
  62. Atsebi, Jean-Marc Bédhat & Ferrer-i-Carbonell, Ada, 2019. "Relative Deprivation in Tanzania," IZA Discussion Papers 12719, Institute of Labor Economics (IZA).
  63. Peter P. Wakker, 2008. "Explaining the characteristics of the power (CRRA) utility family," Health Economics, John Wiley & Sons, Ltd., vol. 17(12), pages 1329-1344.
  64. Verme, Paolo, 2013. "The relative income and relative deprivation hypotheses : a review of the empirical literature," Policy Research Working Paper Series 6606, The World Bank.
  65. Koedijk, Kees & Pownall, Rachel A J & Noussair, Charles & Terzi, Ayse, 2015. "Reference Point Formation," CEPR Discussion Papers 10823, C.E.P.R. Discussion Papers.
  66. Stefanie Schurer & Jongsay Yong, 2016. "Happiness, Income And Heterogeneity," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(03), pages 1-23, June.
  67. Stefano Bartolini & Ennio Bilancini & Francesco Sarracino, 2013. "Predicting the Trend of Well-Being in Germany: How Much Do Comparisons, Adaptation and Sociability Matter?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 114(2), pages 169-191, November.
  68. David W. Johnston & Olena Stavrunova, 2021. "Subjective Wellbeing Dynamics," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 54(4), pages 518-529, December.
  69. Michael Kirchler & Florian Lindner & Utz Weitzel, 2018. "Rankings and Risk‐Taking in the Finance Industry," Journal of Finance, American Finance Association, vol. 73(5), pages 2271-2302, October.
  70. Frijters, Paul & Krekel, Christian & Ulker, Aydogan, 2020. "Machiavelli versus concave utility functions: should bads be spread out or concentrated?," LSE Research Online Documents on Economics 108421, London School of Economics and Political Science, LSE Library.
  71. Stefano Bartolini & Ennio Bilancini & Maurizio Pugno, 2013. "Did the Decline in Social Connections Depress Americans’ Happiness?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 110(3), pages 1033-1059, February.
  72. Fırat Yaman & Patricia Cubí-Mollá & Sergiu Ungureanu, 2023. "Which Decision Theory Describes Life Satisfaction Best? Evidence from Annual Panel Data," Journal of Happiness Studies, Springer, vol. 24(3), pages 893-916, March.
  73. Friedl, Andreas & Pondorfer, Andreas & Schmidt, Ulrich, 2020. "Gender differences in social risk taking," Journal of Economic Psychology, Elsevier, vol. 77(C).
  74. Alan T. Piper, 2016. "Sleep duration and life satisfaction," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 63(4), pages 305-325, December.
  75. Doron Sonsino & Mosi Rosenboim & Tal Shavit, 2017. "The valuation “by-tranche” of composite investment instruments," Theory and Decision, Springer, vol. 82(3), pages 353-393, March.
  76. Boyce, Christopher J. & Wood, Alex M., 2011. "Personality and the marginal utility of income: Personality interacts with increases in household income to determine life satisfaction," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1), pages 183-191.
  77. Dina Sharipova & Alma Kudebayeva, 2023. "Changing Well-Being in Central Asia: Evidence from Kazakhstan and Kyrgyzstan," Journal of Happiness Studies, Springer, vol. 24(3), pages 1233-1260, March.
  78. Ada Ferrer-i-Carbonell, 2013. "Happiness economics," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 4(1), pages 35-60, March.
  79. Thomas Meissner & Xavier Gassmann & Corinne Faure & Joachim Schleich, 2023. "Individual characteristics associated with risk and time preferences: A multi country representative survey," Journal of Risk and Uncertainty, Springer, vol. 66(1), pages 77-107, February.
  80. Adalgiso Amendola & Roberto Dell’Anno & Lavinia Parisi, 2019. "Happiness and inequality in European countries: is it a matter of peer group comparisons?," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(2), pages 473-508, July.
  81. Alan Piper, 2022. "Optimism, pessimism and life satisfaction: an empirical investigation," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(2), pages 177-208, June.
  82. Frijters, Paul & Krekel, Christian & Ulker, Aydogan, 2023. "Should bads be inflicted all at once, like Machiavelli said? Evidence from life-satisfaction data," Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 1-27.
  83. Schmidt, Ulrich & Friedl, Andreas & Eichenseer, Michael & Lima de Miranda, Katharina, 2021. "Social comparison and gender differences in financial risk taking," Journal of Economic Behavior & Organization, Elsevier, vol. 192(C), pages 58-72.
  84. Anh Ngoc Quang Huynh & Toan Luu Duc Huynh, 2021. "Book Review “Cultural Finance: A World Map of Risk, Time and Money” by Thorsten Hens, Marc Oliver Rieger, and Mei Wang. Singapore: World Scientific Publishing Co. Pte. Ltd., 2020; ISBN 9789811221958," JRFM, MDPI, vol. 14(6), pages 1-5, June.
  85. Yutaro Hatta, 2013. "Wealth Distribution Dynamics with Status Preference: asymmetric motivations for status," Discussion Papers in Economics and Business 13-08, Osaka University, Graduate School of Economics.
  86. Sacha Bourgeois-Gironde & João V. Ferreira, 2020. "Conflicted voters: A spatial voting model with multiple party identifications," Post-Print hal-02909682, HAL.
  87. Emmanuel Paroissien & Laure Latruffe & Laurent Piet, 2021. "Early exit from business, performance and neighbours’ influence: a study of farmers in France [Effects of differing farm policies on farm structure and dynamics]," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 48(5), pages 1132-1161.
  88. Comerford, David A. & Lange, Ian & Moro, Mirko, 2018. "Proof of concept that requiring energy labels for dwellings can induce retrofitting," Energy Economics, Elsevier, vol. 69(C), pages 204-212.
  89. Tekin Kose & Julide Yildirim & Gizem Tanrivere, 2017. "The Effects of Terrorism on Happiness: Evidence from Turkey," EcoMod2017 10229, EcoMod.
  90. Terzi, Ayse & Koedijk, Kees & Noussair, Charles N. & Pownall, Rachel, 2016. "Reference point heterogeneity," Other publications TiSEM 9ef0ddbd-8f52-4845-87b3-1, Tilburg University, School of Economics and Management.
  91. Martín Leites & Xavier Ramos, 2022. "The Effect of Relative Income Concerns on Life Satisfaction: Relative Deprivation and Loss Aversion," Journal of Happiness Studies, Springer, vol. 23(7), pages 3485-3515, October.
  92. Vendrik, Maarten C.M., 2013. "Adaptation, anticipation and social interaction in happiness: An integrated error-correction approach," Journal of Public Economics, Elsevier, vol. 105(C), pages 131-149.
  93. Elena Bárcena-Martín & Alexandra Cortés-Aguilar & Ana I. Moro-Egido, 2017. "Social Comparisons on Subjective Well-Being: The Role of Social and Cultural Capital," Journal of Happiness Studies, Springer, vol. 18(4), pages 1121-1145, August.
  94. Dwight R. Lee, 2011. "Happiness, Adaptation, and Decreasing Marginal Utility of Income," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 27(Fall 2011), pages 63-73.
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