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Paper Information

Journal:   IRANIAN JOURNAL OF APPLIED ECONOMICS   winter 2018 , Volume 7 , Number 23 ; Page(s) 13 To 25.

Income and Non-income Factors Effect on Happiness Promoting in EU Countries

Author(s):  RANJBAR HOMAYOUN, SAMETI MORTEZA, Sarafan Farzaneh*
* Department of Economics, Isfahan (Khorasgan) Azad University, Isfahan, Iran
In this study having focused on the evaluation of different roles of income and non-income factors on promoting happiness in EU countries, it is shown that income increase can only cause happiness promotion up to a particular critical point which, in its own turn is also decided by non-income factors. However, when the critical income point is reached extra increase in income may lead to Pareto inefficient allocations, and thereupon to people happiness decrease. The main goals of this study are the following: Determining a social comparison rate between income and happiness in different countries of the European Union and estimating their respective equations of the critical income level. The pattern under study has been estimated using the non-linear least squared method for the period of 2001 to 2010. The results indicate positive and significant effects of some specific factors such as personal income, hope, rule of law and political stability and also negative and equally significant effect of some others such as number of patients suffering from HIV, number of people with incomes lower than 60% of the society average income on happiness. On the other hand, these results take society s relative income in to consideration as well. The study s calculation also shows that all of the member countries in the European Union are placed on the upper happiness limit.
Keyword(s): Happiness,income factors,non-income factors,Pareto efficiency,social welfare function,non linear least squares
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