The Negative Externality of Peer Group Income: Evidence from Three Developed Economies
This paper examines the effect of peer group household income on happiness in three developed economies: the United States, Germany, and the United Kingdom, where we define peer groups by age, gender, and education. Using the most recent panel waves from the General Social Survey (GSS) and the European Social Survey (ESS), we find comparable results from all three countries, namely a negative coef
