@TechReport{iza:izadps:dp1781, author={Oswald, Andrew J.}, title={On the Common Claim that Happiness Equations Demonstrate Diminishing Marginal Utility of Income}, year={2005}, month={Sep}, institution={Institute of Labor Economics (IZA)}, address={Bonn}, type={IZA Discussion Paper}, number={1781}, url={https://www.iza.org/publications/dp1781}, abstract={It is commonly claimed in the recent happiness literature in psychology and economics that we have proved diminishing marginal utility of income. This paper suggests that we have not. It draws a distinction between concavity of the utility function and concavity of the reporting function.}, keywords={happiness;money;marginal utility;curvature;concave}, }