East Meets West: Income and Subjective Well-being
Creators
- 1. Horne Consulting Firm, Austin, TX 78701, USA
- 2. Department of Public Finance, National Chengchi University, Taipei, Taiwan
- 3. Department of Economics and Statistics, California State University-Los Angeles, CA 90032, USA
Description
Abstract: Using data from Taiwan and the US, this study empirically investigates the potential difference of 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 life satisfaction in Taiwan. This finding highlights different cultural values in that the East tends to emphasize the welfare of one’s family (collectivism) while the West tends to emphasize the welfare of oneself (individualism).
Keywords: Income, Subjective well-being, Culture Difference
JEL Classification Number: D63, I31
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