Abstract

References (77)

Beta

Citations (7)

Beta

One-Click Download | Share | Email | Add to Briefcase

Maximising Happiness?

Bruno S. Frey
University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Swiss Federal Institute of Technology Zurich

Alois Stutzer
University of Basel - Department of Business and Economics; Institute for the Study of Labor (IZA)

October 1999

Institute for Empirical Research in Economics Working Paper No. 22

Abstract:
The measurement of individual happiness challenges the notion that revealed preferences only reliably and empirically reflect individual utility. Reported subjective well-being is a broader concept than traditional decision utility; it also includes concepts like experience and procedural utility. Micro- and macroeconometric happiness functions offer new insights on determinants of life satisfaction. However, one should not leap to the conclusion that happiness should be maximised, as was suggested for social welfare function maximisation. In contrast, happiness research strengthens the validity of an institutional approach, such as reflected in the theory of democratic economic policy.

JEL Classifications: D60, D71, I31

Working Paper Series

Date posted: January 11, 2000 ; Last revised: January 11, 2000

Suggested Citation

Frey, Bruno S. and Stutzer, Alois, Maximising Happiness? (October 1999). Institute for Empirical Research in Economics Working Paper No. 22. Available at SSRN: http://ssrn.com/abstract=203311 or doi:10.2139/ssrn.203311

Export to: Export Citation What's this?

Contact Information

Alois Stutzer (Contact Author) University of Basel - Department of Business and Economics ( email ) Petersgraben 51 4003 Basel Switzerland 0041 61 267 3361 (Phone) 0041 61 267 3340 (Fax) HOME PAGE: http://www.wwz.unibas.ch/wifor/staff/as/as.htm
Institute for the Study of Labor (IZA) P.O. Box 7240 D-53072 Bonn Germany
Bruno S. Frey University of Zurich - Faculty of Business Administration - Institute for Empirical Research in Economics (IEW) ( email ) Winterthurerstrasse 30 CH-8006 Zurich Switzerland +41 44 634 37 31 (Phone) +41 44 634 35 99 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Poschinger Str. 5 DE-81679 Munich Germany HOME PAGE: http://www.CESifo.de
Swiss Federal Institute of Technology Zurich ( email ) Zürichbergstrasse 18 8092 Zurich CH-1015 Switzerland