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Consumption changes, not income changes, predict changes in subjective well-being
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Brown, Gordon D. A. and Gathergood, John (2020) Consumption changes, not income changes, predict changes in subjective well-being. Social Psychological and Personality Science, 11 (1). pp. 64-73. doi:10.1177/1948550619835215 ISSN 1948-5514.
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Official URL: https://doi.org/10.1177/1948550619835215
Abstract
Does happiness depend on what one earns or what one spends? Income is typically found to have small beneficial effects on well-being. However, economic theory suggests that well-being is conferred not by income but by consumption (i.e., spending on goods and services), and a person’s level of consumption may differ greatly from their level of income due to saving behavior and taxation. Moreover, research within consumer psychology has established relationships between people’s spending in specific categories and their well-being. Here we show for the first time using panel data that changes in life satisfaction are associated with changes in consumption, not changes in income. We also find some evidence that increased conspicuous consumption is more strongly associated with improved well-being than is increased nonconspicuous consumption.
Item Type: | Journal Article | |||||||||||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory |
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Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | |||||||||||||||
SWORD Depositor: | Library Publications Router | |||||||||||||||
Library of Congress Subject Headings (LCSH): | Happiness -- Economic aspects, Consumption (Economics) | |||||||||||||||
Journal or Publication Title: | Social Psychological and Personality Science | |||||||||||||||
Publisher: | SAGE Publications | |||||||||||||||
ISSN: | 1948-5514 | |||||||||||||||
Official Date: | 1 January 2020 | |||||||||||||||
Dates: |
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Volume: | 11 | |||||||||||||||
Number: | 1 | |||||||||||||||
Page Range: | pp. 64-73 | |||||||||||||||
DOI: | 10.1177/1948550619835215 | |||||||||||||||
Status: | Peer Reviewed | |||||||||||||||
Publication Status: | Published | |||||||||||||||
Access rights to Published version: | Restricted or Subscription Access | |||||||||||||||
Date of first compliant deposit: | 7 May 2019 | |||||||||||||||
Date of first compliant Open Access: | 7 May 2019 | |||||||||||||||
RIOXX Funder/Project Grant: |
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