Boyce, Christopher J., Brown, G. D. A. (Gordon D. A.) and Moore, Simon C. (2010) Money and happiness : rank of income, not income, affects life satisfaction. Psychological Science, Vol.21 (No.4). pp. 471-475. doi:10.1177/0956797610362671 ISSN 0956-7976.
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Abstract
Does money buy happiness, or does happiness come indirectly from the higher rank in society that money brings? Here we test a rank hypothesis, according to which people gain utility from the ranked position of their income within a comparison group. The rank hypothesis contrasts with traditional reference income hypotheses, which suggest utility from income depends on comparison to a social group reference norm. We find that the ranked position of an individual’s income predicts general life satisfaction, while absolute income and reference income have no effect. Furthermore, individuals weight upward comparisons more than downward comparisons. According to the rank hypothesis, income and utility are not directly linked: Increasing an individual’s income will only increase their utility if ranked position also increases and will necessarily reduce the utility of others who will lose rank.
| Item Type: | Journal Article |
|---|---|
| Subjects: | H Social Sciences > HT Communities. Classes. Races B Philosophy. Psychology. Religion > BF Psychology |
| Divisions: | Other > Institute of Advanced Study Faculty of Science, Engineering and Medicine > Science > Psychology |
| Library of Congress Subject Headings (LCSH): | Wealth -- Psychological aspects, Happiness, Quality of life, Social classes -- Research |
| Journal or Publication Title: | Psychological Science |
| Publisher: | Sage |
| ISSN: | 0956-7976 |
| Official Date: | April 2010 |
| Dates: | Date Event April 2010 Published |
| Volume: | Vol.21 |
| Number: | No.4 |
| Page Range: | pp. 471-475 |
| DOI: | 10.1177/0956797610362671 |
| Status: | Peer Reviewed |
| Publication Status: | Published |
| Access rights to Published version: | Restricted or Subscription Access |
| Funder: | Economic and Social Research Council (Great Britain) (ESRC) |
| URI: | https://wrap.warwick.ac.uk/2554/ |
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