Abstract

http://ssrn.com/abstract=2221538
 
 

Footnotes (22)



 


 



Can Marginal Rates of Substitution Be Inferred from Happiness Data? Evidence from Residency Choices


Daniel J. Benjamin


Cornell University - Department of Economics; National Bureau of Economic Research (NBER)

Ori Heffetz


Cornell University - S.C. Johnson Graduate School of Management; National Bureau of Economic Research (NBER)

Miles S. Kimball


University of Michigan at Ann Arbor - Department of Economics; National Bureau of Economic Research (NBER)

Alex Rees-Jones


Cornell University - Department of Economics; National Bureau of Economic Research (NBER)

February 25, 2014

American Economic Review, Forthcoming
Johnson School Research Paper Series No. 8-2013

Abstract:     
We survey 561 students from U.S. medical schools shortly after they submit choice rankings over residencies to the National Resident Matching Program. We elicit (a) these choice rankings, (b) anticipated subjective well-being (SWB) rankings, and (c) expected features of the residencies (such as prestige). We find substantial differences between choice and anticipated-SWB rankings in the implied tradeoffs between residency features. In our data, evaluative SWB measures (life satisfaction and Cantril’s ladder) imply tradeoffs closer to choice than does affective happiness (even time-integrated), and as close as do multi-measure SWB indices. We discuss implications for using SWB data in applied work.

Number of Pages in PDF File: 43

Keywords: happiness, life satisfaction, subjective well-being, preference, utility, revealed preference, marginal rate of substitution

JEL Classification: C81, D03, D69

Accepted Paper Series


Download This Paper

Date posted: February 21, 2013 ; Last revised: February 27, 2014

Suggested Citation

Benjamin, Daniel J. and Heffetz, Ori and Kimball, Miles S. and Rees-Jones, Alex, Can Marginal Rates of Substitution Be Inferred from Happiness Data? Evidence from Residency Choices (February 25, 2014). American Economic Review, Forthcoming; Johnson School Research Paper Series No. 8-2013. Available at SSRN: http://ssrn.com/abstract=2221538 or http://dx.doi.org/10.2139/ssrn.2221538

Contact Information

Daniel J. Benjamin (Contact Author)
Cornell University - Department of Economics ( email )
414 Uris Hall
Ithaca, NY 14853-7601
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Ori Heffetz
Cornell University - S.C. Johnson Graduate School of Management ( email )
324 Sage Hall
Ithaca, NY 14853
United States
607.255.4668 (Phone)
HOME PAGE: http://www.johnson.cornell.edu/faculty/profiles/heffetz/
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Miles S. Kimball
University of Michigan at Ann Arbor - Department of Economics ( email )
611 Tappan Street
Ann Arbor, MI 48109-1220
United States
734-764-2375 (Phone)
734-764-2769 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Alex Rees-Jones
Cornell University - Department of Economics ( email )
Ithaca, NY 14853
United States
HOME PAGE: http://www.alexreesjones.com
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Feedback to SSRN


Paper statistics
Abstract Views: 1,277
Downloads: 289
Download Rank: 53,691
Footnotes:  22

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo2 in 0.563 seconds