Twins, income, and happiness: Evidence from China.
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ABSTRACT:
SUBMITTER: Ye M
PROVIDER: S-EPMC10288615 | biostudies-literature | 2023 Jun
REPOSITORIES: biostudies-literature
Publications
Twins, income, and happiness: Evidence from China.
Ye Maoliang M Zhang Junsen J Li Hongbin H
Proceedings of the National Academy of Sciences of the United States of America 20230612 25
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 bias ...[more]
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