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Money makes you happy? Depends on your personality
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Proto, Eugenio and Rustichini, Aldo (2011) Money makes you happy? Depends on your personality. In: European Economic Association & Econometric Society 2011 Parallel Meetings, Oslo, Norway, 25-29 Aug 2011 (Unpublished)
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Abstract
We show a non monotonic relationship between income and life satisfaction, and life satisfaction decreases for larger values of income. This decline poses a puzzle: if higher income may produce a reduction in life satisfaction, why do individuals strive to increase personal wealth? We provide and successfully test a potential explanation bringing into the analysis personality traits. Stronger motivation can induce aspiration to higher individual income, and hence of realized outcome, but at a decreasing rate. As a consequence, the gap aspiration and realization increases, and the gap may compensate the direct positive e�ffect of income on life satisfaction.
Item Type: | Conference Item (Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Official Date: | 25 August 2011 | ||||
Dates: |
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Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
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Conference Paper Type: | Paper | ||||
Title of Event: | European Economic Association & Econometric Society 2011 Parallel Meetings | ||||
Type of Event: | Conference | ||||
Location of Event: | Oslo, Norway | ||||
Date(s) of Event: | 25-29 Aug 2011 |
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