TY - JOUR
T1 - Can marginal rates of substitution be inferred from happiness data? Evidence from residency choices
AU - Benjamin, Daniel J.
AU - Heffetz, Ori
AU - Kimball, Miles S.
AU - Rees-Jones, Alex
PY - 2014/11/1
Y1 - 2014/11/1
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=84908246790&partnerID=8YFLogxK
U2 - 10.1257/aer.104.11.3498
DO - 10.1257/aer.104.11.3498
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AN - SCOPUS:84908246790
SN - 0002-8282
VL - 104
SP - 3498
EP - 3528
JO - American Economic Review
JF - American Economic Review
IS - 11
ER -