Does money buy happiness? Evidence from an unconditional cash transfer in Zambia.

Alternatively, inclusion of relative poverty reduced the treatment effect to 0.063, a 39 percent reduction, and the relative poverty measure itself is a highly significant predictor of happiness.

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However, there is only a marginally significant impact on agreement of whether the child is generally happy (columns 11 and 12) and no impact on satisfaction with children’s life (columns 3 and 4).

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