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| Author: | Layard, R. Nickell, S. Mayraz, G. |
| Title: | The marginal utility of income |
| Journal: | Journal of Public Economics
2008 : AUG-SEP, VOL 92 p. 1846-1857 |
| Index terms: | incomes economics public sector welfare inequality taxation preferences |
| Freeterms: | marginal utility life satisfaction happiness |
| Language: | eng |
| Abstract: | The study examines how fast the marginal utility of income declines as income increases. Specifically, the parameter is needed for cost-benefit analysis, for optimal taxation and for the measurement of inequality. The study concentrates on estimating the parameter using four large cross-sectional surveys of subjective happiness and two panel surveys where wide range of assumptions is used. By means of this it is possible to estimate the elasticity of marginal utility with respect to income. The findings reveal coherent results from each survey. To conclude the findings the marginal utility of income declines with income. |
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