Open AccessPosted Content
Estimates of the effect of wages on job satisfaction
Reamonn Lydon,Arnaud Chevalier +1 more
TLDR
The authors found that future wage expectations and career aspirations have a significant effect on job satisfaction and provide better fit than some ad-hoc measures of relative wage, and that several variables relating to job match quality also impact on the level of job satisfaction.Abstract:
Empirical studies on job satisfaction have relied on two hypotheses: firstly, that wages are exogenous in a job satisfaction regression and secondly, that appropriate measures of relative wage can be inferred. In this paper we test both assumptions using two cohorts of UK university graduates. We find that controlling for endogeneity, the direct wage effect on job satisfaction doubles. Several variables relating to job match quality also impact on job satisfaction. Graduates who get good degrees report higher levels of job satisfaction, as do graduates who spend a significant amount of time in job search. Finally we show that future wage expectations and career aspirations have a significant effect on job satisfaction and provide better fit than some ad-hoc measures of relative wage.read more
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Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles
TL;DR: In this article, the authors review the evidence on relative income from the subjective well-being literature and discuss the relation (or not) between happiness and utility, and discuss some nonhappiness research (behavioral, experimental, neurological) related to income comparisons.
Journal ArticleDOI
Relative income, happiness, and utility : an explanation for the Easterlin paradox and other puzzles
TL;DR: In this paper, the authors review the evidence on relative income from the subjective well-being literature and discuss the relation (or not) between happiness and utility, and discuss some nonhappiness research (behavioral, experimental, neurological) related to income comparisons.
Journal ArticleDOI
Inequality at Work: The Effect of Peer Salaries on Job Satisfaction
TL;DR: This paper used a simple theoretical framework and a randomized manipulation of access to information on peers' wages to provide new evidence on the effects of relative pay on individual utility, and they found that utility depends directly on relative pay comparisons, and that this relationship is non-linear.
Posted Content
Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles
TL;DR: In this paper, the authors review the evidence on relative income from the subjective well-being literature and discuss the relation (or not) between happiness and utility and discuss some non-happiness research (behavioural, experimental, neurological) dealing with income comparisons.
Journal ArticleDOI
Job Satisfaction among University Faculty: Individual, Work, and Institutional Determinants
Barry Bozeman,Monica Gaughan +1 more
TL;DR: The authors found that faculty members are more satisfied with their jobs when they perceive that their colleagues respect their research work and they are paid what they are worth, while women tend to be less satisfied and the tenured are more.
References
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Loss Aversion in Riskless Choice: A Reference-Dependent Model
Amos Tversky,Daniel Kahneman +1 more
TL;DR: In this article, the authors present a reference-dependent theory of consumer choice, which explains such effects by a deformation of indifference curves about the reference point, in which losses and disadvantages have greater impact on preferences than gains and advantages.
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A Theory of Marriage: Part II
TL;DR: In this article, the skeleton of a theory of marriage is presented, which assumes that each person tries to do as well as possible and that the "marriage market" is in equilibrium.
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Satisfaction and comparison income
Andrew E. Clark,Andrew J. Oswald +1 more
TL;DR: In this paper, the authors tried to test the hypothesis that utility depends on income relative to a "comparison" or reference level using data on 5,000 British workers and found that workers' reported satisfaction levels are inversely related to their comparison wage rates.
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Income and Happiness: Towards a Unified Theory
TL;DR: For example, this article found that people think they were less happy in the past and will be happier in the future, because they project current aspirations to be the same throughout the life cycle while income grows.