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Title: Reference dependent financial satisfaction over the course of the Celtic Tiger: a panel analysis utilising the Living in Ireland Survey 1994-2001
Authors: Delaney, Liam
Newman, Carol
Nolan, Brian
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Citation: Delaney L, Newman C & Nolan B (2006) Reference dependent financial satisfaction over the course of the Celtic Tiger: a panel analysis utilising the Living in Ireland Survey 1994-2001. Trinity Economic Papers (TEP) Series, tep200611. Trinity College Dublin, Department of Economics.
Keywords: Well-being
Financial satisfaction
JEL Code(s): D60
Issue Date: Jun-2006
Publisher: Trinity College Dublin, Department of Economics
Series/Report no.: Trinity Economic Papers (TEP) Series, tep200611
Abstract: The link between income and subjective satisfaction with one's financial situation is explored in this paper using a panel analysis of 4,000 individuals tracked through the course of the 'Celtic Tiger' boom period, 1994-2001. The impact of the level of individual and household income, the time-path of income and the impact of reference group income on financial satisfaction are all considered. To the extent that income influences financial satisfaction, there is strong evidence from this paper that household income has a greater effect on financial satisfaction than individual income. There is also evidence that changes in income have an independent effect on financial satisfaction with the time derivative of income entering positively in the financial satisfaction equation. Thus, our paper gives further evidence to support the hypothesis that individuals process changes as well as absolute levels of income. While reference group income has a negative effect at the start of the period it has no effect at the end.
Type: Working or Discussion Paper
Rights: The publisher has not responded to our queries therefore this work cannot be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Affiliation: Economics
Trinity College, Dublin
Economic and Social Research Institute

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