NDLI: Are Relative-Income Effects Constant Across the Well-Being Distribution?

Content Provider	Springer Nature Link
Author	Budria, Santiago
Copyright Year	2012
Abstract	This paper challenges the common assumption made by economists to date that income comparisons are similarly important in different segments of the subjective well-being (SWB) distribution. The results, based on the 2000–2007 waves of the German SOEP and on a Generalized Ordered Probit for panel data, show that relative income, as measured either by the mean income of the reference group or the individual ordinal ranking within the group, exerts a differential effect across SWB levels. Such divergence is assessed by means of the tradeoff ratio between household income and the relative income variables. The results show that a low rank and falling below the average income in one’s group are significant determinants of low SWB but largely irrelevant when accounting for high SWB. The fact that conditionally unhappy individuals are more sensitive to comparisons, particularly if they are unfavorable, is consistent with earlier laboratory studies in the field of psychology.
Starting Page	1379
Ending Page	1408
Page Count	30
File Format	PDF
ISSN	13894978
Journal	Journal of Happiness Studies
Volume Number	14
Issue Number	4
e-ISSN	15737780
Language	English
Publisher	Springer Netherlands
Publisher Date	2012-09-17
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Subjective well-being Comparison income Income rank Generalized ordered response model Quality of Life Research Personality and Social Psychology Economics/Management Science Philosophy Positive Psychology
Content Type	Text
Resource Type	Article
Subject	Social Sciences

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