Finance Papers

Document Type

Journal Article

Date of this Version

11-2014

Publication Source

American Economic Review

Volume

104

Issue

11

Start Page

3498

Last Page

3528

DOI

10.1257/aer.104.11.3498

Abstract

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

Copyright/Permission Statement

Copyright © 2014 by the American Economic Association.Benjamin, Daniel J., Ori Heffetz, Miles S. Kimball, and Alex Rees-Jones. 2014. "Can Marginal Rates of Substitution Be Inferred from Happiness Data? Evidence from Residency Choices." American Economic Review, 104(11): 3498-3528.

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Date Posted: 27 November 2017

This document has been peer reviewed.