[태그:] Interdependent preferences

Stutzer, A. (2004). The role of income aspirations in individual happiness. Journal of Economic Behavior &Organization, 54(1), 89-109.

Does individual well-being depend on the absolute level of income and consumption or is it relative to one’s aspirations? In a direct empirical test, it is found that higher income aspirations reduce people’s utility, ceteris paribus. Individual data on reported satisfaction with life are used as a proxy measure for utility, and income evaluation measures are applied as proxies for people’s aspiration levels. Consistent with ...

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