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Permanent URL to this publication: http://dx.doi.org/10.5167/uzh-52383

Boes, Stefan; Staub, Kevin E; Winkelmann, Rainer (2007). Hedonic Adaptation to Living Standards and the Hidden Cost of Parental Income. Working paper series / Socioeconomic Institute No. 713, University of Zurich.

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Abstract

High parental income, while undeniably causing beneÞts for a child in terms of better access to education and more favorable labor market outcomes, may at the same time increase a childÕs income aspirations and thereby reduce Þnancial satisfaction, ceteris paribus. In this paper, we investigate the relationship between Þnancial satisfaction and parental income with data from the German Socio-Economic Panel. The results indicate that there is indeed a negative well-being externality of parental income, and that children appear to compare their actual income situation with the aspiration level acquired while growing up.

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Socioeconomic Institute (former)
DDC:330 Economics
JEL Classification:D62, I31
Language:English
Date:October 2007
Deposited On:29 Nov 2011 22:47
Last Modified:09 Jul 2012 05:04
Series Name:Working paper series / Socioeconomic Institute
Official URL:http://www.econ.uzh.ch/wp.html

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