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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/536

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contributor.authorCastriota, Stefano-
description.abstractPrevious empirical research has found a positive impact of education on happiness, on regional and worldwide scale. In this paper I analyze the effect of absolute income on human well-being by education level. Using data from the World Bank’s World Value Survey on more than 118,000 individuals I find that the higher the education level is, the less relevant the absolute income level (GDP per capita measured in PPP constant 2000 international USD) for self-declared life-satisfaction. Higher income makes everybody happier but, everything else being equal, the marginal utility of additional income is higher for less educated people. This might partly explain the Easterlin paradox. Although the GDP level has been constantly rising from the end of World War II onwards, the average life-satisfaction in Western Europe, Japan and the United States has remained almost constant. Furthermore, average happiness levels in rich and poor countries are not as different as GDP levels. Since the average education level has risen a lot over time and is much higher in advanced countries, this might contribute to explain why higher absolute income level has not implied higher life-satisfaction across countries and over time.en
format.extent169158 bytes-
relation.ispartofseriesQuaderni CEIS; 246-
subjectEasterlin paradoxen
subject.classificationSECS-P/01 Economia politicaen
titleEducation and happiness: a further explanation to the Easterlin paradox?en
typeWorking Paperen
subject.jelD6; Welfare economicsen
subject.jelH00; Public economics : Generalen
subject.jelI21; Analysis of educationen
subject.jelI31; General welfareen
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