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(3/5) Maoliang Ye:Does Money Buy Happiness? Evidence from Twins in Urban China

发布时间:2014-07-24 17:05:00  点击:  来源:中国人力资本与劳动经济研究中心
Presenter: Maoliang Ye

Topic: Does Money Buy Happiness? Evidence from Twins in Urban China

Time: 16:00-17:30, Mar 5, 2013

Location: At 608 Acedamic Hall

Abstract This paper estimates the effect of income on individual self-reported happiness using unique Chinese twins data. To control for omitted genetic factors and family background, we use a within-monozygotic-twin-pair fixed-effects model. The instrumental variable fixed-effects method is used to correct measurement error bias. The results are robust after we address concerns about potential biases of within-monozygotic-twin-pair estimates, use various measures of income and wealth, consider the potential cross effect of twin sibling’s income, and address the concern reverse causality. This paper adds to the literature on the effect of income on happiness, and to the best of our knowledge, it is the first such study which draws on twins data to correct both omitted variable bias and measurement error bias.

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