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Relative Income And Happiness

Author

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  • Nisachon Leerattanakorn

    (Maejo University)

Abstract

Most of the literature confirms link between relative real income and happiness, but few research study the link of income perception. This empirical study aims to investigate the linkage between relative income and happiness. We conducted a survey and then estimated happiness using the ordered logit model. Results showed that individual happiness is not only related to absolute relative income, but is also associated with the attitude toward relative income in two dimensions, namely, individual?s needs and compared with those of other people. Moreover, self-esteem, trust, and community specification factors can influence individual happiness. Policy implication should concern real inequality together with perception on inequality.

Suggested Citation

  • Nisachon Leerattanakorn, 2017. "Relative Income And Happiness," Proceedings of International Academic Conferences 5808095, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:5808095
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    File URL: https://iises.net/proceedings/33rd-international-academic-conference-vienna/table-of-content/detail?cid=58&iid=042&rid=8095
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    More about this item

    Keywords

    Happiness; Well-being; Relative income; Attitude; Thailand;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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