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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Income and Happiness: New Results from Generalized Threshold and Sequential Models |
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| Institution | University of Zurich |
| Series Name | Working paper series / Socioeconomic Institute |
| Number | No. 407 |
| Date | 2004 |
| Abstract Text | Empirical studies on the relationship between income and happiness commonly use standard ordered response models, the most well-known representatives being the ordered logit and the ordered probit. However, these models restrict the marginal probability effects by design, and therefore limit the analysis of distributional aspects of a change in income, that is, the study of whether the income effect depend on a person’s happiness. In this paper we pinpoint the shortcomings of standard models and propose two alternatives, namely generalized threshold and sequential models. With data of two waves of the German Socio-Economic Panel, 1984 and 1997, we show that the more general models yield different marginal probability effects than standard models. |
| Official URL | http://www.econ.uzh.ch/wp.html |
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