Sara Solnick and David Hemenway found that most people would prefer (pdf) an income of $50,000a year when everybody else get $25,000 than an income of $100,000 a year when everybody else has $200,000. If all of us become worse off, therefore, well-being doesn’t fall much: we’ll be comforted by the fact that we’re all in the same boat.

https://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2018/12/a-behavioural-economic-case-for-brexit.html

Chris