Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/34504 
Year of Publication: 
2007
Series/Report no.: 
IZA Discussion Papers No. 2618
Publisher: 
Institute for the Study of Labor (IZA), Bonn
Abstract: 
This paper explores the determinants of individual well-being as measured by self-reported levels of satisfaction with income. Making full use of the panel data nature of the German Socio-Economic Panel, we provide empirical evidence for well-being depending on absolute and on relative levels of income in a dynamic framework. This finding holds after controlling for other influential factors in a multivariate setting. The main novelty of the paper is the consideration of dynamic aspects: individual's own history as well as the relative income performance with respect to the others living in the society under analysis do play a major role in the assessment of well-being.
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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