Subjective well-being and income : a compromise between Easterlin paradox and its critiques

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2018
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Economics: The Open-Access, Open-Assessment E-Journal ; 12 (2018). - 43. - eISSN 1864-6042
Abstract
Despite rising popularity of subjective well-being (SWB) as a proxy for utility, its relationship with income is still unresolved. Against the background of debates around the ‘Easterlin paradox’, this paper seeks a compromise between two positions: one that insists on individual relative income, and one that finds similarity between individual and aggregate levels. Proposing a model which puts the emphasis on the interaction between individual and aggregate-level factors, it argues that the effect of relative income on SWB varies across countries as a function of average income, in addition to a relatively small direct effect of the latter, in partial agreement with the two major positions. The model is tested cross-sectionally on the data from the latest wave of World Values Survey. The results from hierarchical mixed-effect models confirm the main argument. But further examination reveals that there is still unaccounted variation especially in middle-income economies.
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320 Politics
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Subjective well-being, Easterlin paradox, relative income, national income
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ISO 690YASAR, Rusen, 2018. Subjective well-being and income : a compromise between Easterlin paradox and its critiques. In: Economics: The Open-Access, Open-Assessment E-Journal. 12, 43. eISSN 1864-6042. Available under: doi: 10.5018/economics-ejournal.ja.2018-43
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@article{Yasar2018Subje-43054,
  year={2018},
  doi={10.5018/economics-ejournal.ja.2018-43},
  title={Subjective well-being and income : a compromise between Easterlin paradox and its critiques},
  volume={12},
  journal={Economics: The Open-Access, Open-Assessment E-Journal},
  author={Yasar, Rusen},
  note={Article Number: 43}
}
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