Subjective Well-Being and Income: Is There Any Evidence of Satiation?
25 Pages Posted: 28 Apr 2013 Last revised: 25 May 2023
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Subjective Well-Being and Income: Is There Any Evidence of Satiation?
Subjective Well‐Being and Income: Is There Any Evidence of Satiation?
Subjective Well-Being and Income: Is There Any Evidence of Satiation?
Date Written: April 2013
Abstract
Many scholars have argued that once "basic needs" have been met, higher income is no longer associated with higher in subjective well-being. We assess the validity of this claim in comparisons of both rich and poor countries, and also of rich and poor people within a country. Analyzing multiple datasets, multiple definitions of "basic needs" and multiple questions about well-being, we find no support for this claim. The relationship between well-being and income is roughly linear-log and does not diminish as incomes rise. If there is a satiation point, we are yet to reach it.
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