Fitzroy, Felix R.; Nolan, Michael; Steinhardt, Max F. - Agricultural and Applied Economics Association - AAEA - 2011
negative effects of comparison income. However, when we split the sample by age, we find quite different results for reference … income. The effects on lifesatisfaction are positive and significant for those under 45, consistent with Hirschman’s (1973 … age groups, and most surprisingly, even own income becomes insignificant for those over 45, while education has …