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

• 成果类型: Article
• 署名作者: Benjamin, Daniel J.; Heffetz, Ori; Kimball, Miles S.; Rees-Jones, Alex
• 署名单位: Cornell University; National Bureau of Economic Research; Cornell University; University of Michigan System; University of Michigan; University of Pennsylvania
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.11.3498
• 发表日期: 2014
• 页码: 3498-3528
• 关键词: income; inconsistency; satisfaction

摘要

We survey 561 students from US medical schools shortly after they submit choice rankings over residencies to the National Resident Matching Program. We elicit (i) these choice rankings, (ii) anticipated subjective well-being (SWB) rankings, and (iii) expected features of the residencies (such as prestige). We find substantial differences between choice and anticipated-SWB rankings in the implied trade-offs between residency features. In our data, evaluative SWB measures (life satisfaction and Cantril's Ladder) imply trade-offs closer to choice than does affective happiness (even time-integrated), and as close as do multimeasure SWB indices. We discuss implications for using SWB data in applied work.