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Income Comparisons and Non-Cognitive Skills

Author

Listed:
  • Budría, Santiago

    (Universidad Nebrija)

  • Ferrer-i-Carbonell, Ada

    (CSIC Institute for Economic Analysis)

Abstract
People gain utility from occupying a higher ranked position in the income distribution of the reference group. This paper investigates whether these gains depend on an individual's set of non-cognitive skills. Using the 2000-2008 waves of the German Socioeconomic Panel dataset (SOEP), a subjective question on Life Satisfaction, and three different sets of non-cognitive skills indicators, we find significant and robust differences across skills groups. People who are more neurotic, extravert and have low external locus of control and low negative reciprocity are more sensitive to their individual position in the economic ladder. By contrast, the Life Satisfaction reaction to changes in economic status is significantly lower among individuals who score high (low) in negative (positive) reciprocity, and are at the bottom of the distribution of neuroticism, extraversion. The heterogeneity on the importance of income comparisons needs to be taken into account when, for example, introducing them into economic models, predicting individuals' behaviour, or making welfare judgments.

Suggested Citation

  • Budría, Santiago & Ferrer-i-Carbonell, Ada, 2012. "Income Comparisons and Non-Cognitive Skills," IZA Discussion Papers 6419, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp6419
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    1. Income Comparisons and Non-Cognitive Skills
      by maximorossi in NEP-LTV blog on 2012-05-07 18:05:30

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    Cited by:

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    2. María Navarro, 2019. "Financial, Job and Health Satisfaction: A Comparative Approach on Working People," Societies, MDPI, vol. 9(2), pages 1-17, April.
    3. Schmitz, Hendrik & Westphal, Matthias, 2015. "Short- and medium-term effects of informal care provision on female caregivers’ health," Journal of Health Economics, Elsevier, vol. 42(C), pages 174-185.
    4. Rodrigo Montero & Diego Vásquez, 2015. "Job Satisfaction and Reference Wages: Evidence for a Developing Country," Journal of Happiness Studies, Springer, vol. 16(6), pages 1493-1507, December.
    5. Schmitz, Hendrik & Westphal, Matthias, 2017. "Informal care and long-term labor market outcomes," Journal of Health Economics, Elsevier, vol. 56(C), pages 1-18.
    6. Hendrik Schmitz & Matthias Westphal, 2013. "Short- and Medium-term Effects of Informal Care Provision on Health," Ruhr Economic Papers 0426, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    7. Maksimova, Mariia, 2019. "The return to non-cognitive skills on the Russian labor market," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 53, pages 55-72.
    8. Pannenberg, Markus & Goerke, Laszlo, 2013. "Direct Evidence on Income Comparisons and Subjective Well-Being," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79799, Verein für Socialpolitik / German Economic Association.
    9. Ana I. Moro Egido & Maria Navarro & Ángeles Sánchez-Domínguez, 2017. "Changes in Subjective Well-Being Over Time in Germnay," ThE Papers 17/05, Department of Economic Theory and Economic History of the University of Granada..
    10. Cuesta, Maite Blázquez & Budría, Santiago, 2015. "Income deprivation and mental well-being: The role of non-cognitive skills," Economics & Human Biology, Elsevier, vol. 17(C), pages 16-28.
    11. Daniel A. Kamhöfer & Hendrik Schmitz, 2013. "Analyzing Zero Returns to Education in Germany: Heterogeneous Effects and Skill Formation," SOEPpapers on Multidisciplinary Panel Data Research 598, DIW Berlin, The German Socio-Economic Panel (SOEP).
    12. Elena Bárcena-Martín & Cortés Aguilar Alexandra & Ana I. Moro Egido, 2013. "The role of proximity and social comparisons on subjective well-being," ThE Papers 13/10, Department of Economic Theory and Economic History of the University of Granada..
    13. Cuesta, Maite Blázquez & Budría, Santiago, 2017. "Unemployment persistence: How important are non-cognitive skills?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 69(C), pages 29-37.
    14. Ivone Perazzo & Gonzalo Salas & Eliana Sena, 2019. "Dynamics of the parenting practices and child development," Documentos de Trabajo (working papers) 19-21, Instituto de Economía - IECON.
    15. María Navarro, 2023. "Social-Cultural Capital and Domain Satisfaction," Hacienda Pública Española / Review of Public Economics, IEF, vol. 246(3), pages 37-70, September.
    16. Kesavayuth, Dusanee & Rosenman, Robert E. & Zikos, Vasileios, 2015. "Personality and health satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 54(C), pages 64-73.
    17. Rodrigo Montero & Tom�s Rau, 2015. "Part-time Work, Job Satisfaction and Well-being: Evidence from a Developing OECD Country," Journal of Development Studies, Taylor & Francis Journals, vol. 51(4), pages 370-385, April.
    18. repec:zbw:rwirep:0426 is not listed on IDEAS
    19. Maite Blázquez Cuesta & Santiago Budría, 2013. "Does income deprivation affect people’s mental well-being?," Working Papers 1312, Banco de España.
    20. Kesavayuth, Dusanee & Ko, Kaung Myat & Zikos, Vasileios, 2018. "Locus of control and financial risk attitudes," Economic Modelling, Elsevier, vol. 72(C), pages 122-131.
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    More about this item

    Keywords

    personality traits; income comparisons; life satisfaction;
    All these keywords.

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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