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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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)|
|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|
|Number of Pages:||36|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
Akerlof, G.A. (1997) Social distance and social decisions, Econometrica, 65, 1005-1028.
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