Money Buy Happiness Research Articles

Can money buy happiness? Bribery practices and ethical awareness in emerging markets

PurposeThis study aims to examine the relationships among senior managers’ reports of bribery practices, ethical awareness and firm productivity in Thailand. Bribery pervasiveness is examined as moderating the relationship between bribery practices and ethical awareness. Ethical awareness is examined as a mediating effect of bribery practices and managerial perceptions of firm productivity.Design/methodology/approachThis study uses a mixed-method approach consisting of interviews with more than 20 senior managers and surveys collected from more than 200 senior managers in Thailand’s manufacturing and construction industries. Hierarchical regression is used to test the hypotheses.FindingsSenior managers report that their firms are more likely to flout ethical principles when they perceive that their industries feature widespread bribery practices. However, the tests fail to support the hypothesis that the flouting of ethical principles leads to less productivity.Originality/valueThis study contributes to transaction cost economics theory by extending the concept of illegal transaction cost minimization to managerial perceptions of firm productivity. This study also integrates research on bribery rationalization by considering how managerial rationalization and justification of bribery practices impact managerial perceptions of firm productivity and ethical awareness. This research provides managers with an understanding of how attitudes toward ethical conduct and unethical actions impact perceptions of firm productivity.

One More Time, Does Money Buy Happiness?

One More Time, Does Money Buy Happiness?

Can Money Buy Happiness? Income and Multidimensional Life Satisfaction in Brunei Darussalam

This paper examines the nexus of income and multidimensional life satisfaction (LS) in the oil- and gas-rich Belait district of Brunei Darussalam. Using a random sample of 1,000 Belait residents and principal component factor analysis to sort 11 domains-of-life satisfaction into three uncorrelated LS spheres–LS with materialist life (job, stress, and income); LS with post-materialist life (family, spirituality, neighbors, and community activities); and LS with public life (health, neighborhood facility, feeling safe at home, and quality of living environment)—we discover the following. First, positive income effects on LS with materialist life sphere are evidenced from lower-middle- to high-income bands. Second, a positive income effect on LS with post-materialist life sphere is only found in the high-income band. Income does not relate to LS with public life sphere. These findings are robust to using each domains-of-life satisfaction and treating scores on domain satisfaction as ordinal and cardinal measures.

Can Money Buy Happiness? Subjective Wellbeing and Its Relationship with Income, Relative Income, Monetary and Non-monetary Poverty in Bangladesh

This paper presents an empirical analysis of the importance of income, relative income, monetary and non-monetary poverty for individual wellbeing or happiness in rural Bangladesh. The study is the first estimate of a wellbeing function for Bangladesh using nationally representative micro-panel data. Employing a linear panel model with individual random effects and a large set of control variables like education, work status and disability, we found a strong and positive relationship between wellbeing and income. Being further below the poverty line—estimated using the depth-of-poverty measure—was found to have a significant negative effect on happiness. On the other hand, the income of the reference group was found to be just as important as one’s own income for an individual’s happiness. Comparisons were found to be asymmetric and upwards. Improvements in a multidimensional poverty index, constructed using indicators of household education, health and living standards, were found to have a positive and significant relationship with happiness in all specifications. Gender-disaggregated analysis reveals that, while the income effect was found to be stronger for male individuals, the effects of relative income, monetary and non-monetary poverty on subjective wellbeing are larger for female individuals. The results thus point towards a need to incorporate such notions into the assessment of individuals’ wellbeing.

Can Money Buy Happiness for a Family? Family Income, Parenting Style, and Life Satisfaction in Parents and Adolescents.

This study investigated the associations among family income and life satisfaction in parents, and parenting styles, income, and overall happiness and depression in their adolescents. A total of 1,913 participants comprising adolescents (aged 14-16) and their parents were recruited for this study. Participants were assessed using self-report questionnaires. Monthly household income was recorded by an open-ended question item. The life satisfaction of parents and overall happiness of adolescents were assessed by one item each, rated on a 4-point Likert scale. Three subtypes of parenting style (affectionate, monitoring, over-control) were evaluated by adolescents using an inventory consisting of 21 items on a 4-point Likert scale. Adolescents' depression was assessed with a checklist rated by the adolescents, consisting of 10 items on a 4-point Likert scale. The odds ratio (OR) for life dissatisfaction in adults was significantly higher in the lower (1st and 2nd) quintile groups of household income, by 9.94 (p < .001) and 3.50 (p < .001) folds, respectively, compared to the highest (5th) group. In contrast, household income had no significant association with life unhappiness in adolescents. Further, total household income had no significant association with the adolescent's depression score in linear regression analysis, but parenting style did. While affectionate (β = -0.260; p < .001) and monitoring (β = -0.100; p < .001) parenting styles showed negative associations with adolescents' depression scores, over-control style (β = 0.120; p < .001) showed a positive association. The results indicate the differences in factors impacting the life satisfaction of adults and happiness of adolescents, and the importance of effective parenting for adolescents' mental health.

Can Money Buy Happiness? Subjective Wellbeing and Its Relationship With Income, Relative Income, Monetary and Non-Monetary Poverty in Bangladesh

This paper presents an empirical analysis of the importance of income, relative income, monetary and non-monetary poverty for individual wellbeing or happiness in rural Bangladesh. The study is the first estimate of a wellbeing function for Bangladesh using nationally representative micro-panel data. Employing a linear panel model with individual random effects and a large set of control variables like education, working status and disability, we found a strong and positive relationship between wellbeing and income. Being further below the poverty line – estimated using the depth-ofpoverty measure – was found to have a significant negative effect on happiness. On the other hand, the income of the reference group was found to be just as important as one’s own income for an individual’s happiness. Comparisons were found to be asymmetric and upwards. Improvements in a multidimensional poverty index, constructed using indicators of household education, health and living standards, were found to have a positive and significant relationship with happiness in all specifications. Gender-disaggregated analysis reveals that, while the income effect was found to be stronger for male individuals, the effects of relative income, monetary and nonmonetary poverty on subjective wellbeing are larger for female individuals. The results thus point towards a need to incorporate such notions into the assessment of individuals’ wellbeing.

Can Money Buy Happiness? Analysis of Happiness Kuznets Curve for Japan

In this study, we examine the nexus between happiness and income through the Kuznets curve for Japan. We use gross domestic product per capita (GDPPC), GDPPC², and the unemployment rate as the explanatory variables for the happiness index. Using the annual data between 1970-2013, we conclude that there is a long-run relationship among the variables using the ARDL cointegration test. Besides, we estimate the short-run and long-run coefficients and find that the Happiness Kuznets curve is valid in both the short and long term. Considering the turning points, it is possible to state that happiness will increase until the GDPPC becomes $43029.57 in the short term and $ 44994.06 in the long term, and then it will decrease. On the other hand, it was concluded that unemployment does not have an impact on happiness in the short term, but it decreases happiness in the long term.

Does Money Buy Happiness in Turkey?

In this study, we examine the relationship between income and happiness for individuals living in Turkey. Our results are based on approximately 300,000 individuals who took part in the Life Satisfaction Survey conducted annually between 2003 and 2017. We observed a modest positive and statistically significant relationship between household income and happiness. Relative standing in society measured by self-placement on a welfare ladder matters more than absolute income for happiness. In a similar vein, we find that increase in average income of the city in which a person lives reduces happiness substantially, to the extent that it offsets the happiness effect of an increase in absolute income. We complement regression results with people’s self-reports that around 50% of people care about what other people think of their material status. Interestingly, the effect of relative income on happiness is significantly different between men and women. Also, women report less interest in others’ material status or income level compared to men. Congruent with previous findings, we show that the effect of absolute income has dropped over the years with Turkey’s economic growth.

Can Money Buy Happiness? Evidence for European Countries

This research comes to empirical investigate the influence of income on the level of happiness. Can money buy happiness? It’s one of the most frequently disputed and researched questions of all time. At first sight, it seems easy to assign a simple answer: yes or no, but the correct answer is more difficult than these. We start from the assumption that people need to be happy but also need financial resources to feel safe. We used a panel analysis on a sample of 26 European countries over the period 2008–2016. We found that happiness increases with individual income until a threshold of 27,913 Euro per year (rounded to 35,000 USD) in European countries. Also, we found that culture plays an essential role in the perception of happiness. Moreover, our results indicate that a lower power distance, a high individualism, a low level of uncertainty avoidance and a high indulgence statistically increase the level of happiness.

Can Money Buy Happiness?

Can Money Buy Happiness?

Does money buy happiness? Evidence from an unconditional cash transfer in Zambia

The relationship between happiness and income has been at the center of a vibrant debate, with both intrinsic and instrumental importance, as emotional states are an important determinant of health and social behavior. We investigate whether a government-run unconditional cash transfer paid directly to women in poor households had an impact on self-reported happiness. The evaluation was designed as a cluster-randomized controlled trial in rural Zambia across 90 communities. The program led to a 7.5 to 10 percentage point impact on women’s happiness after 36- and 48-months, respectively (or 0.19–0.25 standard deviations over the control group mean). In addition, women have higher overall satisfaction regarding their young children’s well-being, including indicators of satisfaction with their children’s health and positive outlook on their children’s future. Complementary analysis suggests that self-assessed relative poverty (as measured by comparison to other households in the community) is a more important mediator of program effects on happiness than absolute poverty (as measured by household consumption expenditures). Although typically not the focus of such evaluations, impacts on psychosocial indicators, including happiness, should not be discounted as important outcomes, as they capture different, non-material, holistic aspects of an individual’s overall level of well-being.

Does money buy happiness? Financial and general well-being of immigrants in Australia

Improving one's own living standards is one of the main drivers of immigration; however, there is not much research on the well-being of immigrants after their relocation. The purpose of this paper is to determine the factors affecting the well-being of Australian residents, and to examine whether the well-being of Australians born overseas is different from that of native-born Australians, with a special emphasis on the financial aspect of immigrants' well-being. Well-being in this study is defined by the respondents' own assessments of their satisfaction with life and financial well-being is measured by both objective and subjective measures. This analysis was carried out using data from the Longitudinal Survey of Immigrants in Australia (LSIA) and the Household, Income and Labour Dynamics in Australia (HILDA). The findings indicate that although initially lower, immigrants' life satisfaction tends to increase within 20 years in Australia to become equal to that of Australian-born residents. Lower life satisfaction of recent immigrants can be partially attributed to the lack of improvement in their relative financial status after migration, despite them having less difficulties with timely payments of basic bills than native-born residents. Cultural shock experienced by new settlers can also negatively. affect their well-being.

Can Money Buy Happiness? A Statistical Analysis of Predictors for User Satisfaction

ABSTRACT 2007 data from LibQUAL+™ and the ACRL Library Trends and Statistics database were analyzed to determine if there is a statistically significant correlation between library expenditures and usage statistics and library patron satisfaction across 73 universities. The results show that users of larger, better funded libraries have higher expectations for information resource availability, but not higher satisfaction scores. Furthermore, the data show no significant correlation between library usage statistics and user satisfaction. The researchers conclude that the lack of expected correlations could be attributed to limitations in the LibQUAL+™ method of measuring patron satisfaction, or the difficulty of using the quantitative measurements found in ACRL statistics to try and accurately predict user satisfaction.

Unpacking the hedonic paradox: A dynamic analysis of the relationships between financial capital, social capital and life satisfaction

Does money buy happiness? Or is happiness derived from looking outwards towards our social networks? Many researchers have answered these questions by exploring whether the best predictor of well-being is either economic or social (or some fixed combination of the two). This paper argues for a dynamic perspective on the capacity for economic and social factors to predict well-being. In two studies, we show that both money (individual income) and community (social capital) can be the basis for individual happiness. However, the relative influence of each factor depends on the context within which happiness is considered, and how this shapes the way people define the self. Study 1 primes either money or community in the laboratory and demonstrates that such priming shifts individual values (so that they are economic vs. communal) and determines the extent to which income is more (vs. less) predictive of life satisfaction than social relations. Study 2 looks at these same priming processes in the external world (with people travelling to vs. from work). Both studies show that while money can become the basis of happiness when the self is defined in economic terms, the role of community relations in predicting happiness is more stable across contexts.

Money and Happiness

Does money buy happiness, or does happiness come indirectly from the higher rank in society that money brings? We tested a rank-income hypothesis, according to which people gain utility from the ranked position of their income within a comparison group. The rank hypothesis contrasts with traditional reference-income hypotheses, which suggest that utility from income depends on comparison to a social reference-group norm. We found that the ranked position of an individual’s income predicts general life satisfaction, whereas absolute income and reference income have no effect. Furthermore, individuals weight upward comparisons more heavily than downward comparisons. According to the rank hypothesis, income and utility are not directly linked: Increasing an individual’s income will increase his or her utility only if ranked position also increases and will necessarily reduce the utility of others who will lose rank.

Objective Confirmation of Subjective Measures of Human Well-Being: Evidence from the U.S.A.

A huge research literature, across the behavioral and social sciences, uses information on individuals' subjective well-being. These are responses to questions--asked by survey interviewers or medical personnel--such as, "How happy do you feel on a scale from 1 to 4?" Yet there is little scientific evidence that such data are meaningful. This study examines a 2005-2008 Behavioral Risk Factor Surveillance System random sample of 1.3 million U.S. citizens. Life satisfaction in each U.S. state is measured. Across America, people's answers trace out the same pattern of quality of life as previously estimated, from solely nonsubjective data, in one branch of economics (so-called "compensating differentials" neoclassical theory, originally from Adam Smith). There is a state-by-state match (r = 0.6, P < 0.001) between subjective and objective well-being. This result has some potential to help to unify disciplines.

Happiness: unlocking the mysteries of psychological wealth

Foreword by Carol Diener. Part 1: Understanding true wealth. 1. Psychological Wealth: The Balanced Portfolio. 2. Two Principles of Psychological Wealth. Part 2: Happy people function better. 3. Health and Happiness. 4. Happiness and Social Relationships: - You Can't Do Without Them. 5. Happiness at Work: It Pays to be Happy. Part 3: Causes of happiness and genuine wealth. 6. Can Money Buy Happiness? 7. Religion, Spirituality, and Happiness. 8. The Happiest Places on Earth: Culture and Well-being. 9. Nature and Nurture-Is There a Happiness Set-Point, and Can You Change It? 10. Our Crystal Balls: Happiness Forecasting. 11. Taking AIM: Attention, Interpretation, and Memory. Part 4: Putting it all together . 12. Yes, You Can Be Too Happy. 13. Living Happily Ever After. 14. Measuring Your Psychological Wealth. Epilogue: About the Science of Happiness. Further Reading. References.

Can Money Buy Happiness

Once daily needs are met, income has only a small effect on happiness, according to many studies. As income increases, people tend to spend it on

Can Money Buy Happiness?

Income was negatively associated with the mood states of confusion and tense in a sample of 406 community residents, but controls for age, sex, and education eliminated these associations.

Income and happiness: earning and spending as sources of discontent

Richard Easterlin's 1973 query, “Does Money Buy Happiness?” began what has become a major source of research among social scientist. Easterlin's initial answer was “no,” at least in absolute terms. Subsequent research has been inconclusive regarding the extent to which money matters, ranging from a great deal to little if any. The latter conclusions fly in the face of much of human behavior, as we know it. I argue that money matters a great deal. Problems arise, however, in the fact that it must be earned and spent. Two areas often neglected in the literature. Changes in both the nature of work and of consumption have themselves been the source of increasing dissatisfaction, particularly in the United States over the past generation. The work of Scitvosky, Linder, and Schor, among others provides the background for the analysis.