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Direct evidence on income comparisons and their welfare effects
[Zeitschriftenartikel]
Abstract This paper provides direct evidence that income comparisons exert a significant impact on subjective well-being. It also evaluates the relative importance of different types of benchmarks. Internal comparisons to one's own past living standard outweigh any other comparison benchmarks. Local comparis... mehr
This paper provides direct evidence that income comparisons exert a significant impact on subjective well-being. It also evaluates the relative importance of different types of benchmarks. Internal comparisons to one's own past living standard outweigh any other comparison benchmarks. Local comparisons (to one's parents, former colleagues or high-school mates) are more powerful than self-ranking in the social ladder. The impact of comparisons is asymmetric: under-performing one's benchmark always has a greater welfare effect than out-performing it (in absolute value). Comparisons which reduce satisfaction also increase the demand for income redistribution, but there, the relative impact of subjective ranking is preponderant.... weniger
Thesaurusschlagwörter
Transition
Klassifikation
Sozialpsychologie
Wirtschaftssoziologie
Freie Schlagwörter
C25; D31; D63; I31; J31; O57; P3; Z13; Subjective well-being; Income comparisons; Demand for income redistribution; Internal and external benchmarks
Sprache Dokument
Englisch
Publikationsjahr
2009
Seitenangabe
408–424 S.
Zeitschriftentitel
Journal of Economic Behavior & Organization, 72 (2009) 1
DOI
https://doi.org/10.1016/j.jebo.2009.04.019
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)