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Income, Social Comparisons and Happiness in Türkiye: Findings from 2024 Life Satisfaction Survey

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  • Keziban Altun Erdoğdu

Abstract

Standard economic theory has long assumed that individual well-being and happiness are determined solely by income levels. However, insights from behavioral approaches in economics demonstrate that individual happiness is also shaped by relative comparisons, past experiences, and expectations about the future. Building on this perspective, the present study examined the relationship between income, social comparisons, and happiness in Türkiye using data from the 2024 Life Satisfaction Survey. To capture both absolute and relative positions, factors were grouped into four categories, and a novel social comparison indicator, termed “lifestyle comparison,” was developed using principal component analysis. The effects of these factors on happiness were estimated through a generalized ordered logit model. The findings suggest that relative position exerts an influence on happiness comparable to that of absolute income. Distinct from much of the existing literature, the external comparison variable “lifestyle comparison” indicates that individuals’ attention to the living standards of others significantly affects their happiness. In addition, both future economic expectations and economic changes experienced over the past year were found to play a role in shaping well-being. Overall, the study highlights that economic indicators in Türkiye influence happiness not only through objective income levels but also via subjective perceptions and social comparisons.

Suggested Citation

  • Keziban Altun Erdoğdu, 2026. "Income, Social Comparisons and Happiness in Türkiye: Findings from 2024 Life Satisfaction Survey," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 10(4), pages 1471-1494.
    • Handle: RePEc:ahs:journl:v:10:y:2026:i:4:p:1471-1494
    DOI: 10.30784/epfad.1724446
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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