Does Money Buy Happiness? Evidence from Twins in Urban China
作者： Maoliang Ye , Pak-wai Liu , Hongbin Li , Junsen Zhang
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摘要: This paper estimates the effect of income on individual self-reported happiness using unique Chinese twins data. We address three key challenges: omitted variable bias, measurement error and reverse causality. To control for genetic factors family background, we use a within-monozygotic-twin-pair fixed-effects model. The instrumental method is used to correct bias. Finally employ industry average as an suggest that causality runs from happiness. results are robust after concerns about potential biases estimates, various measures wealth, consider cross twin sibling’s income. adds literature causal happiness, best our knowledge, it first such study which draws data both bias JEL Classifications: D1, D6, I1, I3, J3
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