Psychology
8 years ago

Your happiness depends on how much money your neighbors make.

Journal of Economic Behavior & Organization
Relative-income effects on subjective well-being in the cross-section
Michael McBride

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Subjective well-being is influenced by how much money you make compared to others. This study looks at how past research has had trouble combining results, but now has a new way to figure it out. They found that people do care about how much money they make compared to others when rating their happiness. This effect is stronger for people with higher incomes. The study used a specific method and data from the general social survey to reach these conclusions.