East Meets West: Income and Subjective Well-Being
21 Pages Posted: 14 Aug 2018
Date Written: April 27, 2018
Abstract
Using data from Taiwan and the US, this study empirically investigates the potential difference of the income effect on subjective well-being in the East versus the West. It finds that while relative individual income raises happiness in the US, relative family income only improves happiness and life satisfaction in Taiwan. This finding highlights different cultural values in that the East tends to emphasize collectivism while the West tends to emphasize individualism.
Keywords: Happiness, Life Satisfaction, Relative Individual Income, Relative Family Income, Taiwan
JEL Classification: I31, D60
Suggested Citation: Suggested Citation
Cui, Zhen and Wu, Wen-Chieh and Chen, Li-Hsueh, East Meets West: Income and Subjective Well-Being (April 27, 2018). Available at SSRN: https://ssrn.com/abstract=3222886 or http://dx.doi.org/10.2139/ssrn.3222886
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