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Economic choices and status : measuring preferences for income rank
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Mujcic, Redzo and Frijters, Paul (2013) Economic choices and status : measuring preferences for income rank. Oxford Economic Papers, 65 (1). pp. 47-73. doi:10.1093/oep/gpr065
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Official URL: https://doi.org/10.1093/oep/gpr065
Abstract
We report on the trade-offs that 1,068 Australian university students make between absolute income and the rank of that income in hypothetical income distributions. We find that income rank matters independently of absolute income, with greater weight given to rank by males, migrants, and individuals from wealthy families. Rank-sensitive individuals require as much as a 200% increase in income to be compensated for going from the top to the bottom of the income distribution. Migrants residing abroad for longer periods of time, and with more affluent job titles, are more likely to compare themselves to others at the destination. A dynamic choice model of compensating incomes predicts the average respondent to need a permanent increase in income of up to $10,000 (70%) when moving from a society with a mean income of $14,000 (e.g., Mexico) to a society with a mean income of $46,000 (e.g., the USA).
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Income distribution, Social status, College students -- Attitudes, Immigrants | ||||
| Journal or Publication Title: | Oxford Economic Papers | ||||
| Publisher: | Oxford University Press | ||||
| ISSN: | 0030-7653 | ||||
| Official Date: | 1 January 2013 | ||||
| Dates: |
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| Volume: | 65 | ||||
| Number: | 1 | ||||
| Page Range: | pp. 47-73 | ||||
| DOI: | 10.1093/oep/gpr065 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Publisher Statement: | This is a pre-copyedited, author-produced version of an article accepted for publication in Oxford Economic Papers following peer review. The version of record Redzo Mujcic, Paul Frijters; Economic choices and status: measuring preferences for income rank, Oxford Economic Papers, Volume 65, Issue 1, 1 January 2013, Pages 47–73, is available online at: https://doi.org/10.1093/oep/gpr065 | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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