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Hedonic Utility, Loss Aversion and Moral Hazard

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  • Iantchev, Emil P.

Abstract

This paper reviews recent advances in the modelling of hedonic utility and the measurement of its physiological correlates. The paper also argues that incorporating hedonic experiences can enrich economic models. An example of such an application — a principal–agent model with moral hazard — is presented and thoroughly analyzed. Its implications are then compared with the structure of incentive contracts observed in practice.

Suggested Citation

  • Iantchev, Emil P., 2010. "Hedonic Utility, Loss Aversion and Moral Hazard," Foundations and Trends(R) in Microeconomics, now publishers, vol. 5(7), pages 429-475, November.
    • Handle: RePEc:now:fntmic:0700000041
    DOI: 10.1561/0700000041
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