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This question seems simple, but answering the key factors that impact your happiness is complex. Is happiness based on your personal situation (e.g., family, job, income, health) measured in an absolute sense or relative to others? If measured in a relative sense, what reference point is used? One approach to measuring your life satisfaction is…
Today we are going to figure out the key to happiness. As our guide, we won’t use the Dalai Lama or self-help guru. Instead, we will look at the research of economists Richard Easterlin and Onnicha Sawangfa (what did you expect…this is an economics blog after all). Their study is unique as it not only measures…
According to a paper by Hsee and Zhang, the answer is: not well. Traditional economists and decision theorists assume that people know their preferences and that what they choose reveals what is best for them, given the information they have at the time of choice. In reality, this is not the case. In a series…
Economists have generally found that rich people are happier. People who are wealthy are likely to be happier than those who have trouble affording food, clothes, or shelter. What is driving this happiness differential? Is the additional happiness from additional wealth due to the fact that you can more easily fulfill basic needs, or is…
Income inequality has generally increased since the 1970s. Even for researchers who find that income inequality has Does this mean that happiness inequality has also increased? An NBER working paper by Betsey Stevenson and Justin Wolfers claims that this is not the case. Below is the a portion of the abstract. While there has been…