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Life Satisfaction and Keeping up with Other Countries

Author

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  • Ozan Eksi
  • Neslihan Kaya Eksi

Abstract

Micro income studies show that relative income of individuals�with respect to their colleagues, friends, etc.�affects their life satisfaction significantly. This paper attempts to extend these studies by using the idea that people may compare their well-beings not only to well-beings of their home country folks but also to well-beings of other country citizens. To test this hypothesis, we form several different country groups that a country may compare itself to and also use several relative deprivation measures. Using data from national surveys of 55 countries carried out from 1973 to 2011, we find that average life satisfaction of a country is significantly affected from how much the country is deprived compared to richer countries in the world. Furthermore, per capita income of country only matters as far as it affects the country�s relative position in the global income distribution. This result, gaining statistical significance after 1990s, is a potential explanation for the paradox that even though richer countries tend to be happier compared to poor ones, a country does not necessarily get happier as its income increases.

Suggested Citation

  • Ozan Eksi & Neslihan Kaya Eksi, 2016. "Life Satisfaction and Keeping up with Other Countries," Working Papers 1606, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:wpaper:1606
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    File URL: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Publications/Research/Working+Paperss/2016/16-06
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    Cited by:

    1. Cheryl Zlotnick & Laura Dryjanska & Suzanne Suckerman, 2020. "The Association Between Acculturation Variables and Life Satisfaction Among Israeli Immigrants from Four English-Speaking Countries," Journal of Happiness Studies, Springer, vol. 21(4), pages 1427-1444, April.
    2. Haejo Kang & Dong‐Eun Rhee, 2021. "Does Income (Re)distribution Matter for Subjective Well‐being? Evidence from Cross‐country Panel Data," Social Science Quarterly, Southwestern Social Science Association, vol. 102(2), pages 706-721, March.
    3. Martin Schröder, 2018. "Income Inequality and Life Satisfaction: Unrelated Between Countries, Associated Within Countries Over Time," Journal of Happiness Studies, Springer, vol. 19(4), pages 1021-1043, April.

    More about this item

    Keywords

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    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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