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Hedonic capital, adaptation and resilience
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Graham, Liam and Oswald, Andrew J. (2010) Hedonic capital, adaptation and resilience. Journal of Economic Behavior & Organization, Vol.76 (No.2). pp. 372-384. doi:10.1016/j.jebo.2010.07.003 ISSN 0167-2681.
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Official URL: http://dx.doi.org/10.1016/j.jebo.2010.07.003
Abstract
The paper sets out a theory of hedonic adaptation and resilience. By distinguishing between stocks and flows of psychological resources, it suggests a new way to think about the dynamics of human well-being or 'happiness'. Central to the analysis is a concept we refer to as hedonic capital. We build on the idea that the evolutionary function of happiness is as a motivating device. Our model successfully replicates the patterns routinely found in well-being data - particularly the empirical regularity of an approximately stable level of well-being and the adaptive tendency to return towards that level. The formal model provides a number of testable empirical predictions. (C) 2010 Elsevier B.V. All rights reserved.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | Journal of Economic Behavior & Organization | ||||
Publisher: | Elsevier BV * North-Holland | ||||
ISSN: | 0167-2681 | ||||
Official Date: | November 2010 | ||||
Dates: |
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Volume: | Vol.76 | ||||
Number: | No.2 | ||||
Number of Pages: | 13 | ||||
Page Range: | pp. 372-384 | ||||
DOI: | 10.1016/j.jebo.2010.07.003 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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