Can Marginal Rates of Substitution Be Inferred from Happiness Data? Evidence from Residency Choices Journal Article uri icon

Overview

abstract

  • 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. (JEL D12, I31)

publication date

  • November 1, 2014

Full Author List

  • Benjamin DJ; Heffetz O; Kimball MS; Rees-Jones A

Other Profiles

Additional Document Info

start page

  • 3498

end page

  • 3528

volume

  • 104

issue

  • 11