We estimate the causal effect of income on happiness using a unique dataset of Chinese twins. This allows us to address omitted variable bias and measurement errors. Our findings show that individual income has a large positive effect on happiness, with a doubling of income resulting in an increase of 0.26 scales or 0.37 SDs in the four-scale happiness measure. We also find that income matters most for males and the middle-aged. Our results highlight the importance of accounting for various biases when studying the relationship between socioeconomic status and subjective well-being.
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| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC10288615 | PMC |
| http://dx.doi.org/10.1073/pnas.2221884120 | DOI Listing |
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