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Appears in Collections:Management, Work and Organisation Journal Articles
Peer Review Status: Refereed
Title: Personality and the marginal utility of income: Personality interacts with increases in household income to determine life satisfaction
Authors: Boyce, Christopher J
Wood, Alex M
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Keywords: Life satisfaction
Marginal utility of income
Issue Date: Apr-2011
Publisher: Elsevier
Citation: Boyce CJ & Wood AM (2011) Personality and the marginal utility of income: Personality interacts with increases in household income to determine life satisfaction, Journal of Economic Behavior and Organization, 78 (1-2), pp. 183-191.
Abstract: Economics implicitly assumes that the marginal utility of income is independent of an individual's personality. We show that this is wrong. This is the first demonstration that there are strong personality-income interactions. In an analysis of 13,615 individuals over 4-years we show that individuals who have high levels of conscientiousness obtain more satisfaction to their lives from increases to their household income. There are strong gender differences and women that are open-to-experiences, introverted or neurotic get lower satisfaction from household income increases. Our findings have important implications for the use of financial incentives to influence behavior. In the future, public policy may benefit from being personality-specific.
Type: Journal Article
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Rights: The publisher does not allow this work to 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

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