The paper summarizes evidence with respect to the individual welfare function of income. Moreover a number of new empirical results is presented. Data are used from six surveys in Belgium and The Netherlands. The relationships considered appear to be stable across the different samples. The implications of the results for social policy are briefly discussed.
Van Herwaarden, F., Kapteyn, A., &Van Praag, B. (1977). Twelve thousand individual welfare functions: A comparison of six samples in Belgium and The Netherlands. European Economic Review, 9(3), 283-300.