Caporale, G., Georgellis, Y., Tsitsianis, N. and Yin, Y. P., 2009. Income and happiness across Europe: Do reference values matter? Journal of Economic Psychology, 30 (1), pp. 42-51.
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Official URL: http://dx.doi.org/10.1016/j.joep.2008.06.004
Using cross-sectional data from the first two rounds of the European Social Survey (ESS), we examine the relationship between income, relative income and happiness across 19 European countries. We find that a positive and statistically significant relationship between income and happiness does exist, but such a relationship is weakened by reference income. We also find that while reference income exerts a negative impact on happiness in the case of Western European countries, its effect is positive in the case of the Eastern European countries, a finding that is consistent with the ‘tunnel effect’ hypothesis. This suggests that for Eastern Europeans reference income is likely to be a source of information for forming expectations about their future economic prospects, rather than a yardstick measure for social comparisons.
|Uncontrolled Keywords:||Comparison income; Reference groups; Happiness; Life satisfaction|
|Subjects:||Social Sciences > Public Administration|
Technology > Business, Management and Marketing
Social Sciences > Economics
|Deposited By:||Professor Yannis Georgellis LEFT|
|Deposited On:||11 Jun 2010 10:33|
|Last Modified:||07 Mar 2013 15:31|
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