East Meets West: Income and Subjective Well-Being

21 Pages Posted: 14 Aug 2018

See all articles by Zhen Cui

Zhen Cui

California State University, Los Angeles

Wen-Chieh Wu

National Chengchi University (NCCU)

Li-Hsueh Chen

California State University, Los Angeles - College of Business & Economics

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

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

Zhen Cui (Contact Author)

California State University, Los Angeles ( email )

5151 State University Dr
Los Angeles, CA 90032
United States

Wen-Chieh Wu

National Chengchi University (NCCU) ( email )

No. 64, Chih-Nan Road
Section 2
Wenshan, Taipei, 11623
Taiwan

Li-Hsueh Chen

California State University, Los Angeles - College of Business & Economics ( email )

United States

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