Consumption and Happiness
利用中国面板数据，研究了相对消费对幸福的影响，发现消费有正向效应，但群体内最高消费会引发嫉妒效应，而炫耀性消费和增强社会联系的消费对幸福的影响不一。
We examine the relationship between (relative) consumption and happiness using panel data for China, an important developing country. We find that consumption has a positive effect on happiness. An increase in the average consumption of those of the same age, education and gender at the community level has a positive effect on happiness, consistent with a signalling effect, while an increase in the consumption of the highest spenders in this group engenders a jealousy effect. There is mixed evidence that conspicuous consumption and consumption that increases social connectedness increases happiness, while relative deprivation in visible consumption has strong negative effects on happiness. Our findings add to the literature on the effect of relativities in influencing individual happiness.