Are facets of homo economicus associated with higher earnings and happiness

Shoko Yamane, Yoneda Yoneda () and Yoshiro Tsutsui ()
Additional contact information
Yoneda Yoneda: Graduate School and Faculty of Pharmaceutical Sciences, Kyoto University

No 14-33, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: This paper investigates the individual outcomes of irrational thinking, including paranormality and non-scientific thinking. These modes of thinking are identified by factor analysis from a 2008 survey. Income and happiness are used as measures of performance. Empirical results reveal that both paranormality and non-scientific thinking lower income. While non-scientific thinking lowers happiness, paranormality raises it. Extending the model, we find that higher ability results in higher income and happiness. Self-control only raises happiness. These results suggest that many elements of homo economicus, except paranormality and selfishness, raise economic performance and happiness.

Keywords: irrational belief; happiness; paranormality; factor analysis; ability (search for similar items in EconPapers)
JEL-codes: D03 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2014-10
New Economics Papers: this item is included in nep-hap and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www2.econ.osaka-u.ac.jp/library/global/dp/1433.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:1433

Access Statistics for this paper

More papers in Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics Contact information at EDIRC.
Bibliographic data for series maintained by The Economic Society of Osaka University ().