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Happiness adaptation to income and to status in an individual panel

Author: Rafael Di Tella; John Haisken De New; Robert MacCulloch; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2007.
Series: Working paper series (National Bureau of Economic Research : Online), working paper no. 13159.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"We study "habituation" to income and to status using individual panel data on the happiness of 7,812 people living in Germany from 1984 to 2000. Specifically, we estimate a "happiness equation" defined over several lags of income and status and compare the long run effects. We can (cannot) reject the hypothesis of no adaptation to income (status) during the four years following an income (status) change. In the  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Rafael Di Tella; John Haisken De New; Robert MacCulloch; National Bureau of Economic Research.
OCLC Number: 143627763
Notes: Title from PDF file as viewed on 7/26/2007.
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research : Online), working paper no. 13159.
Responsibility: Rafael Di Tella, John Haisken-De New, Robert MacCulloch.

Abstract:

"We study "habituation" to income and to status using individual panel data on the happiness of 7,812 people living in Germany from 1984 to 2000. Specifically, we estimate a "happiness equation" defined over several lags of income and status and compare the long run effects. We can (cannot) reject the hypothesis of no adaptation to income (status) during the four years following an income (status) change. In the short-run (current year) a one standard deviation increase in status and 52% of one standard deviation in income are associated with similar increases in happiness. In the long-run (five year average) a one standard deviation increase in status has a similar effect to an increase of 285% of a standard deviation in income. We also present different estimates of habituation across sub-groups. For example, we find that those on the right (left) of the political spectrum adapt to status (income) but not to income (status)"--National Bureau of Economic Research web site.

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