Relationship between Income and Subjective Economic Well-Being: Absolute or Relative?

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Abstract


The article considers the role of the absolute and relative income in determining the subjective economic well-being. It is shown that the relationship of the income to SEB is curvilinear with the increase of marginal utility for a higher income. At low income levels its effect on SEB is determined not by its absolute, but by its relative value based on the comparisons with the subjective standards of well-being.

V A Khashchenko

Russian Foundation for Humanities

Email: Valery.Khashchenko@gmail.com
Отдел конкурсных проектов по проблемамкомплексного изучения человека, психологии и педагогики; Российский гуманитарный научный фонд; Russian Foundation for Humanities

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