Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/51611
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dc.contributor.authorPischke, Jörn-Steffenen_US
dc.date.accessioned2011-10-04en_US
dc.date.accessioned2011-11-23T11:31:13Z-
dc.date.available2011-11-23T11:31:13Z-
dc.date.issued2011en_US
dc.identifier.piurn:nbn:de:101:1-201105306284en_US
dc.identifier.urihttp://hdl.handle.net/10419/51611-
dc.description.abstractThere is a well-established positive correlation between life-satisfaction measures and income in individual level cross-sectional data. This paper attempts to provide some evidence on whether this correlation reflects causality running from money to happiness. I use industry wage differentials as instruments for income. This is based on the idea that at least part of these differentials are due to rents, and part of the pattern of industry affiliations of individuals is random. To probe the validity of these assumptions, I compare estimates for life satisfaction with those for job satisfaction, present fixed effects estimates, and present estimates for married women using their husbands' industry as the instrument. All these specifications paint a fairly uniform picture across three different data sets. IV estimates are similar to the OLS estimates suggesting that most of the association of income and well-being is causal.en_US
dc.language.isoengen_US
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen_US
dc.relation.ispartofseries|aDiscussion paper series // Forschungsinstitut zur Zukunft der Arbeit |x5705en_US
dc.subject.jelD1en_US
dc.subject.jelJ31en_US
dc.subject.ddc330en_US
dc.subject.keywordlife satisfactionen_US
dc.subject.keywordwell-beingen_US
dc.titleMoney and happiness: Evidence from the industry wage structureen_US
dc.typeWorking Paperen_US
dc.identifier.ppn669246085en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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