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Hierarchical Needs, Income Comparisons and Happiness Levels

  • Drakopoulos, Stavros

The cornerstone of the hierarchical approach is that there are some basic human needs which must be satisfied before non-basic needs come into the picture. The hierarchical structure of needs implies that the satisfaction of primary needs provides substantial increases to individual happiness compared to the subsequent satisfaction of secondary needs. This idea can be combined with the concept of comparison income which means that individuals compare rewards with individuals with similar characteristics. These two notions could provide additional explanations of empirical findings indicating a positive relationship between income and happiness up to certain level of income

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48343.

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Date of creation: Sep 2011
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Handle: RePEc:pra:mprapa:48343
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