FitzRoy, Felix; Nolan, Michael A.; Steinhardt, Max - Institute for the Study of Labor (IZA) - 2011
negative effects of comparison income. However, when we split the sample by age, we find quite different results for reference … comparison income effect. In East Germany the reference income effects are insignificant for all. With data from the British … age groups, and most surprisingly, even own income becomes insignificant for those over 45, while education has …