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IZA
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On the Common Claim that Happiness Equations Demonstrate Diminishing Marginal Utility of Income
by
Andrew J. Oswald
(September 2005)
Abstract:
It is commonly claimed in the recent happiness literature in psychology and economics that we have proved diminishing marginal utility of income. This paper suggests that we have not. It draws a distinction between concavity of the utility function and concavity of the reporting function.
Text: See Discussion Paper No. 1781 
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