Here’s another excerpt from the Economics 2.0 book.
“Scientists Sara Solnick and David Hemenway…questioned students in what kind of world they would rather live–one where they earned $50,000 and everyone else half as much, or alternatively, $100,000 while everybody else would make twice as much. The majority chose the first option, even though they would have cleared improved their lot by picking the second.”
- Norbert Häring and Olaf Storebeck (2009). Economics 2.0: What the best minds in economics can teach you about business and life. Palgrave MacMillan, New York, NY.
- Solnick, Sara and David Hemenway (1998). “Is More Always Better?: A Survey on Positional Concerns,” Journal of Economic Behavior and Organization, vol. 37, pp. 373-383.