Headey, Bruce; Muffels, Ruud; Wooden, Mark - Institute for the Study of Labor (IZA) - 2004
with household income. The paper uses household economic panel data from five countries – Australia, Britain, Germany … countries wealth affects life satisfaction more than income. In the countries for which consumption data are available (Britain … and Hungary), non-durable consumption expenditures also prove at least as important to happiness as income. Further …