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http://hdl.handle.net/10419/20415
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| Title: | | Income and Happiness : New Results from Generalized Threshold and Sequential Models  |
| Authors: | | Winkelmann, Rainer Boes, Stefan |
| Issue Date: | | 2004 |
| Series/Report no.: | | IZA Discussion paper series 1175 |
| Abstract: | | Empirical studies on the relationship between income and happiness commonly use standard ordered response models, the most well-known representatives being the ordered logit and the ordered probit. However, these models restrict the marginal probability effects by design, and therefore limit the analysis of distributional aspects of a change in income, that is, the study of whether the income effect depend on a person's happiness. In this paper we pinpoint the shortcomings of standard models and propose two alternatives, namely generalized threshold and sequential models. With data of two waves of the German Socio- Economic Panel, 1984 and 1997, we show that the more general models yield different marginal probability effects than standard models. |
| Subjects: | | ordered response models marginal effects subjective well-being |
| JEL: | | I31 C25 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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