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Hedonic capital
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Graham, Liam and Oswald, Andrew J. (2006) Hedonic capital. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.745).
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
This paper proposes a new way to think about happiness. It distinguishes between stocks and flows. Central to the analysis is a concept we call ‘hedonic capital’. The paper sets out a model of the dynamics of wellbeing in which bad life-shocks are smoothed by the drawing down of hedonic capital. The model fits the patterns found in the empirical literature: the existence of a stable level of wellbeing and a tendency to return gradually towards that level. It offers a theory of hedonic adaptation.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HN Social history and conditions. Social problems. Social reform | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Well-being, Quality of life, Happiness, Social adjustment, Welfare economics | ||||
Series Name: | Warwick economic research papers | ||||
Publisher: | University of Warwick, Department of Economics | ||||
Place of Publication: | Coventry | ||||
Official Date: | April 2006 | ||||
Dates: |
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Number: | No.745 | ||||
Number of Pages: | 36 | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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