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Happiness QuantifiedA Satisfaction Calculus Approach$
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Bernard van Praag and Ada Ferrer-i-Carbonell

Print publication date: 2004

Print ISBN-13: 9780198286547

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0198286546.001.0001

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Subjective Income Inequalities

Subjective Income Inequalities

(p.263) 13 Subjective Income Inequalities
Happiness Quantified

Bernard Van Praag

Oxford University Press

This chapter presents a concept of subjective income inequality based on an extension of the objective income concept. Income satisfaction inequality differs from established measures of inequality using individual perceptions as the basis for making incomes comparable. Traditional measures of inequality introduce subjectivism via intuition by for instance, imposing family equivalence scales or by introspection in choosing concrete welfare function specification. The introduction of income satisfaction does not imply that the objective measurement should be replaced by subjective concepts, but only that each measure has a different role to play.

Keywords:   income satisfaction, income inequality, individual-welfare function, subjectivism, objective income

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