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Benjamin, Daniel J.,
Ori Heffetz,
Miles S. Kimball, and
Alex Rees-Jones. 2012. "What Do You Think Would Make You Happier? What Do You Think You Would Choose?."
,
102(5): 2083-2110.
Show Article Details
DOI: 10.1257/aer.102.5.2083
Abstract:Would people choose what they think would maximize their subjective well-being (SWB)? We present survey respondents with hypothetical scenarios and elicit both choice and predicted SWB rankings of two alternatives. While choice and predicted SWB rankings usually coincide in our data, we find systematic reversals. We identify
factors—such as predicted sense of purpose, control over one's life,
family happiness, and social status—that help explain hypothetical choice controlling for predicted SWB. We explore how our findings vary by SWB measure and by scenario. Our results have implications
regarding the use of SWB survey questions as a proxy for utility. (JEL
D03, I31)
Additional links:
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Online Appendix
Authors:
Benjamin, Daniel J. (Cornell U)
Heffetz, Ori (Cornell U)
Kimball, Miles S. (U MI)
Rees-Jones, Alex (Cornell U)
JEL Classifications:
D03: Behavioral Economics: Underlying Principles
I31: General Welfare
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