Life-Cycle Happiness in a Discounted Utility Model
AbstractA discrete time, discounted utility model with a finite horizon is analyzed. Happiness is defined as the discounted value of the utility over the remaining lifespan. Simulations of the model show how happiness grows as the high consumption years get closer, peaks, then declines in later life as the remaining lifespan shortens, even though year by year utility may continue to rise. Simulations also show how the peak year for happiness depends on the subjective, personal discount rate, the rate of wage growth, the effect of a liquidity constraint, the effect of memories, and other parameters in the model. Copyright 1997 by WWZ and Helbing & Lichtenhahn Verlag AG
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Kyklos.
Volume (Year): 50 (1997)
Issue (Month): 3 ()
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- Landeghem Bert van, 2011.
"A Test for the Convexity of Human Well-Being over the Life Cycle: Longitudinal Evidence from a 20-Year Panel,"
043, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Van Landeghem, Bert, 2012. "A test for the convexity of human well-being over the life cycle: Longitudinal evidence from a 20-year panel," Journal of Economic Behavior & Organization, Elsevier, vol. 81(2), pages 571-582.
- Landeghem Bert van, 2011. "A Test for the Convexity of Human Well-Being over the Life Cycle: Longitudinal Evidence from a 20-Year Panel," ROA Research Memorandum 008, Maastricht University, Research Centre for Education and the Labour Market (ROA).
- Jungeilges, Jochen & Kirchgassner, Gebhard, 2002. "Economic welfare, civil liberty, and suicide: an empirical investigation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(3), pages 215-231.
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