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Researchers tried to understand the relationship between income and happiness by concentrating on the organizational arrangements that establish the relation between time and money.
The researchers concluded, people paid by the hour give more attention to their work than those who earn monthly salary. This deal between sincere work and pay affects the level of happiness he/she feels.
Authors Sanford E. DeVoe from the University of Toronto and Jeffrey Pfeffer from Stanford University, say, "Much of our day-to-day lives are subject to various organizational practices of payment that can prime different ways of thinking, such as the monetary value of one's time…. It is important to consider the broader context in which people live and work in order to gain a better understanding of the determinants of happiness."
The study has appeared in the current issue of Personality and Social Psychology Bulletin (PSPB).
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