Layard, Peter R. G.; Mayraz, Guy; Nickell, Stephen J. - 2008 - Revised version
inequality. We estimate this parameter using four large cross-sectional surveys of subjective happiness and two panel surveys … (which are based directly on the scale of reported happiness) could be biased upwards if true utility is convex with respect … to reported happiness. We find some evidence of such bias, but it is small-yielding a new estimated elasticity of 1 …