“Because of this difference, it’s unclear to us whether a 1% income increase for 40 years should produce the same wellbeing benefit as a 40% increase for one year.” for sure it’s unclear, but I would on a 1 percent income increase over 40 years making a bigger difference to well-being than 40 percent over 1 year. very low confidence though it’s just a hunch.
the problem is we’re really unlikely to ever be able to determine that because we won’t be able to statistically pick out any less than say a 5 percent yearly increase with most study sample sizes…
what a wonderful reply...
“Because of this difference, it’s unclear to us whether a 1% income increase for 40 years should produce the same wellbeing benefit as a 40% increase for one year.” for sure it’s unclear, but I would on a 1 percent income increase over 40 years making a bigger difference to well-being than 40 percent over 1 year. very low confidence though it’s just a hunch.
the problem is we’re really unlikely to ever be able to determine that because we won’t be able to statistically pick out any less than say a 5 percent yearly increase with most study sample sizes…