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2022-08-10
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このアイテムへのリンクには次のURLをご利用ください:http://hdl.handle.net/11094/13626
論文情報
タイトル
The Relative Utility Hypothesis With and Without Self-reported Reference Wages
著者
De la Garza, Adrian
De la Garza, Adrian
Mastrobuoni, Giovanni
Mastrobuoni, Giovanni
Sannabe, Atsushi
Sannabe, Atsushi
Yamada, Katsunori
Yamada, Katsunori
キーワード等
Subjective well-being
relative utility
reference wages
内容
November 2010, Revised July 2012
ISER discussion paper
抄録
This article makes three main contributions to the economics of happiness literature. First, using a novel data set of about 90,000 Japanese workers surveyed in annual cross-sections between 1990 and 2004, it demonstrates that individuals experience strong disutility when they perceive that their coworkers earn relatively higher wages. In contrast with other tests of the relative utility hypothesis in the literature, our estimation relies on workers’ self-reported beliefs of their peers’ wages, which we argue are more closely aligned to the “true” reference-group benchmark than the assumed comparison income measures employed in other studies. Second, the article shows important heterogeneous effects of both absolute and relative income on happiness. In particular, workers who are better able to accurately predict their peers’wages seem to experience both greater utility of higher own income and greater disutility of higher relative income. Third, we assess the validity of different methodologies that the literature has employed to construct comparison income measures and find significant discrepancies, particularly when reference income is derived from Mincer equations–a common approach in other studies. We demonstrate that such discrepancies stem from the difficulty in finding valid exclusion restrictions that help identify the relative income effect on happiness. In the absence of self-reported reference wages, we propose a simple IV strategy that does not eliminate the lack of consistency but delivers a lower bound of the “true” effect.
公開者
The Institute of Social and Economic Research, Osaka University
更新日付
2012-07
掲載誌名
Institute of Social and Economic Research Discussion Papers
巻
798
刊行年月
2012-07
URL
http://hdl.handle.net/11094/13626
関連情報 (references)
https://www.iser.osaka-u.ac.jp/library/dp/2010/DP0798R.pdf
言語
英語
カテゴリ
ディスカッション/ワーキング・ペーパー DP/WP
Institute of Social and Economic Research Discussion Papers
論文詳細を表示
著者版フラグ
none
NII資源タイプ
テクニカルレポート
ローカル資源タイプ
ディスカッション/ワーキング・ペーパー
dcmi資源タイプ
text
DCTERMS.bibliographicCitation
Institute of Social and Economic Research Discussion Papers.798
DC.title
The Relative Utility Hypothesis With and Without Self-reported Reference Wages
DC.creator
De la Garza, Adrian
Mastrobuoni, Giovanni
Sannabe, Atsushi
Yamada, Katsunori
DC.publisher
The Institute of Social and Economic Research, Osaka University
DC.language" scheme="DCTERMS.RFC1766
英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF
2012-07
DC.identifier" scheme="DCTERMS.URI
http://hdl.handle.net/11094/13626
DC.subject
Subjective well-being
relative utility
reference wages
DC.description
November 2010, Revised July 2012
ISER discussion paper
DCTERMS.abstract
This article makes three main contributions to the economics of happiness literature. First, using a novel data set of about 90,000 Japanese workers surveyed in annual cross-sections between 1990 and 2004, it demonstrates that individuals experience strong disutility when they perceive that their coworkers earn relatively higher wages. In contrast with other tests of the relative utility hypothesis in the literature, our estimation relies on workers’ self-reported beliefs of their peers’ wages, which we argue are more closely aligned to the “true” reference-group benchmark than the assumed comparison income measures employed in other studies. Second, the article shows important heterogeneous effects of both absolute and relative income on happiness. In particular, workers who are better able to accurately predict their peers’wages seem to experience both greater utility of higher own income and greater disutility of higher relative income. Third, we assess the validity of different methodologies that the literature has employed to construct comparison income measures and find significant discrepancies, particularly when reference income is derived from Mincer equations–a common approach in other studies. We demonstrate that such discrepancies stem from the difficulty in finding valid exclusion restrictions that help identify the relative income effect on happiness. In the absence of self-reported reference wages, we propose a simple IV strategy that does not eliminate the lack of consistency but delivers a lower bound of the “true” effect.
citation_title
The Relative Utility Hypothesis With and Without Self-reported Reference Wages
citation_author
De la Garza, Adrian
Mastrobuoni, Giovanni
Sannabe, Atsushi
Yamada, Katsunori
citation_publisher
The Institute of Social and Economic Research, Osaka University
citation_language
英語
citation_date
2012-07
citation_journal_title
Institute of Social and Economic Research Discussion Papers
citation_volume
798
citation_public_url
http://hdl.handle.net/11094/13626
citation_keywords
Subjective well-being
relative utility
reference wages