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Are facets of homo economicus associated with higher earnings and happiness

Author

Listed:
  • Shoko Yamane

    (Faculty of Economics, Kinki University)

  • Hiroyasu Yoneda

    (Graduate School and Faculty of Pharmaceutical Sciences, Kyoto University)

  • Yoshiro Tsutsui

    (Faculty of Economics, Konan University)

Abstract

This paper investigates the individual outcomes of irrational thinking, including paranormality and non-scientific thinking. These modes of thinking are identified by factor analysis from a 2008 survey. Income and happiness are used as measures of performance. Empirical results reveal that both paranormality and non-scientific thinking lower income. While non-scientific thinking lowers happiness, paranormality raises it. Extending the model, we find that higher ability results in higher income and happiness. Self-control only raises happiness. These results suggest that many elements of homo economicus, except paranormality and selfishness, raise economic performance and happiness.

Suggested Citation

  • Shoko Yamane & Hiroyasu Yoneda & Yoshiro Tsutsui, 2014. "Are facets of homo economicus associated with higher earnings and happiness," Discussion Papers in Economics and Business 14-33, Osaka University, Graduate School of Economics.
    • Handle: RePEc:osk:wpaper:1433
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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/1433.pdf
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    References listed on IDEAS

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    Cited by:

    1. Shoko Yamane & Hiroyasu Yoneda & Yoshiro Tsutsui, 2020. "Is Homo Economicus An Ideal to be Pursued? Using US and Japan Survey Data," Asian Economic Journal, East Asian Economic Association, vol. 34(4), pages 357-378, December.

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    More about this item

    Keywords

    irrational belief; happiness; paranormality; factor analysis; ability;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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