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Do People Seek to Maximize Happiness? Evidence from New SurveysDaniel J. BenjaminCornell University - Department of Economics; National Bureau of Economic Research (NBER) Ori HeffetzCornell University - S.C. Johnson Graduate School of Management Miles S. KimballUniversity of Michigan at Ann Arbor - Department of Economics; National Bureau of Economic Research (NBER) Alex Rees-JonesCornell University - Department of Economics October 2010 NBER Working Paper No. w16489 Abstract: Are subjective well-being (SWB) measures a good empirical proxy for utility? We evaluate one necessary assumption: that people’s preferences coincide with what they predict will maximize their SWB. Our method is to 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, we find systematic reversals. Furthermore, we identify factors—such as predicted sense of purpose, control over one‘s life, family happiness, and social status—that help explain choice controlling for predicted SWB. We explore how our findings vary with the SWB measure and the choice situation.
Number of Pages in PDF File: 48 working papers seriesDate posted: October 25, 2010Suggested CitationContact Information
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