FitzRoy, Felix; Steinhardt, Max Friedrich; Nolan, Michael - Hamburgisches WeltWirtschaftsInstitut (HWWI) - 2011
We first confirm previous results with the German Socio-economic Panel, and obtain strong negative effects of comparison income. However, when we split the sample by age, we find quite different results for reference income. The effects on life-satisfaction are positive and significant for those...