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Life satisfaction, income and personality theory
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Proto, Eugenio and Rustichini, Aldo (2011) Life satisfaction, income and personality theory. In: IZA Workshop : Sources of Welfare and Well-Being, IZA, Bonn, 19-21 Oct 2011 (Unpublished)
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Official URL: http://www.iza.org/conference_files/Welf2011/proto...
Abstract
Neuroticism is responsible for the decline of happiness with
high income and its increase for lower incomes in both SOEP and BHPS datasets. We suggest that the effect is due to the psychological cost of the gap between aspiration and realized income. High income individuals fail to meet expectation, this explains lower increase or decrease of life satisfaction for highly neurotic individuals for higher income levels. Data show a hump-shaped relation between income and life satisfaction, with a bliss point between 250-300K 2005 USD. For highly neurotic this peak occurs at lower income, and disappears for non neurotic individuals.
| Item Type: | Conference Item (Paper) | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||
| Divisions: | Faculty of Social Sciences > Economics | ||||
| Place of Publication: | Coventry | ||||
| Official Date: | 20 October 2011 | ||||
| Dates: |
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| Status: | Not Peer Reviewed | ||||
| Publication Status: | Unpublished | ||||
| Funder: | ESRC, NSF | ||||
| Grant number: | RES-074-27-0018, RES-062-23-1385, SES-0924896 | ||||
| Conference Paper Type: | Paper | ||||
| Title of Event: | IZA Workshop : Sources of Welfare and Well-Being | ||||
| Type of Event: | Workshop | ||||
| Location of Event: | IZA, Bonn | ||||
| Date(s) of Event: | 19-21 Oct 2011 | ||||
| Related URLs: |
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