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Another avenue for anatomy of income comparisons: Evidence from hypothetical choice experiments

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  • Yamada, Katsunori
  • Sato, Masayuki

Abstract

We propose a new avenue for studying income comparisons effects, namely hypothetical discrete choice experiments in which respondents are presented with alternative combinations of hypothetical monthly income amounts, both for themselves and certain reference persons. With this experimental method we can avoid the problems associated with researcher-imposed reference persons’ incomes that are found in most of the happiness studies testing comparison effects. This approach allows investigation of the differences in comparison effects across types of reference groups as well as respondents’ individual characteristics, including specific comparison benchmarks, which are the main open questions in the literature. Some results from our original, large-scale, Internet-based survey are provided.

Suggested Citation

  • Yamada, Katsunori & Sato, Masayuki, 2013. "Another avenue for anatomy of income comparisons: Evidence from hypothetical choice experiments," Journal of Economic Behavior & Organization, Elsevier, vol. 89(C), pages 35-57.
  • Handle: RePEc:eee:jeborg:v:89:y:2013:i:c:p:35-57
    DOI: 10.1016/j.jebo.2013.03.001
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    9. Eiji Yamamura, 2021. "Where do I rank? Am I happy?: learning income position and subjective-wellbeing in an internet experiment," Papers 2107.11185, arXiv.org.
    10. Kim, Hisam & Ohtake, Fumio, 2014. "Status Race and Happiness: What Experimental Surveys Tell Us," KDI Policy Studies 2014-01, Korea Development Institute (KDI).
    11. Arthur Lewbel & Samuel Norris & Krishna Pendakur & Xi Qu, 2022. "Consumption peer effects and utility needs in India," Quantitative Economics, Econometric Society, vol. 13(3), pages 1257-1295, July.
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    14. Andrew E. Clark & Claudia Senik & Katsunori Yamada, 2022. "The Joneses in Japan: income comparisons and financial satisfaction," The Japanese Economic Review, Springer, vol. 73(2), pages 351-372, April.
    15. Seeun Jung & Yasuhiro Nakamoto & Masayuki Sato & Katsunori Yamada, 2014. "Misperception of Consumption: Evidence from a Choice Experiment," Working Papers halshs-00965671, HAL.
    16. Adrian de la Garza & Giovanni Mastrobuoni & Atsushi Sannabe & Katsunori Yamada, 2010. "The Relative Utility Hypothesis With and Without Self-reported Reference Wages," ISER Discussion Paper 0798, Institute of Social and Economic Research, Osaka University, revised Jul 2012.
    17. Thomas Aronsson & Sugata Ghosh & Ronald Wendner, 2023. "Positional preferences and efficiency in a dynamic economy," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 61(2), pages 311-337, August.
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    More about this item

    Keywords

    Relative utility; Hypothetical choice experiment; Reference group; Comparison benchmark;
    All these keywords.

    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • D1 - Microeconomics - - Household Behavior
    • D3 - Microeconomics - - Distribution

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