Subjective Well-Being and Income: Is There Any Evidence of Satiation? / Betsey Stevenson, Justin Wolfers.

Format:

Book

Author/Creator:

Stevenson, Betsey.

Contributor:

Wolfers, Justin.

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w18992.

NBER working paper series no. w18992

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2013.

Summary:

Many scholars have argued that once "basic needs" have been met, higher income is no longer associated with higher in subjective well-being. We assess the validity of this claim in comparisons of both rich and poor countries, and also of rich and poor people within a country. Analyzing multiple datasets, multiple definitions of "basic needs" and multiple questions about well-being, we find no support for this claim. The relationship between well-being and income is roughly linear-log and does not diminish as incomes rise. If there is a satiation point, we are yet to reach it.

Notes:

April 2013.

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