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 …, using a number of assumptions, we are able to estimate the elasticity of marginal utility with respect to income. We obtain … to reported happiness. We find some evidence of such bias, but it is small-yielding a new estimated elasticity of 1 …