Should Competition Policy Promote Happiness?

72 Pages Posted: 19 Jan 2013 Last revised: 11 Apr 2013

See all articles by Maurice E. Stucke

Maurice E. Stucke

University of Tennessee College of Law

Date Written: January 14, 2013

Abstract

What, if anything, are the implications of the happiness economics literature on competition policy? This Paper first examines whether competition policy should promote (or at least not impede) citizens’ opportunities to increase well-being. The Paper next surveys the happiness literature on five key issues: (i) What constitutes well-being; (ii) How do you measure well-being; (iii) What increases well-being; (iv) Do people want to be happy; and (v) Can and should the government promote total well-being? Although the happiness literature does not provide an analytical framework for analyzing routine antitrust issues, this does not mean that competition officials should discount or ignore the literature altogether. The findings of the happiness literature, as this Paper argues, offer some helpful insights on the current debate over competition policy's goals. The literature suggests that competition policy in a post-industrial wealthy country would get more bang (in terms of increased well-being) in promoting economic, social and democratic values, rather than simply promoting a narrowly-defined consumer welfare objective.

Keywords: competition policy, antitrust, well-being, consumer welfare, behavioral economics, utility

JEL Classification: D60, K21, l40, E61

Suggested Citation

Stucke, Maurice E., Should Competition Policy Promote Happiness? (January 14, 2013). 81 Fordham Law Review 2575 (2013); University of Tennessee Legal Studies Research Paper No. 207. Available at SSRN: https://ssrn.com/abstract=2203533

Maurice E. Stucke (Contact Author)

University of Tennessee College of Law ( email )

1505 W. Cumberland Ave.
Knoxville, TN 37996
United States
865-974-9816 (Phone)

HOME PAGE: http://www.mauricestucke.com

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