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Happiness and Consumption

In: Economics of Happiness

Author

Listed:
  • Bruno S. Frey

    (University of Basel
    CREMA, Center for Research in Economics, Management and the Arts)

Abstract

Standard economics assumes consumers to be rational actors, but happiness research suggests that consumers tend to mispredict the utility of activities and that they face self-control problems. People often hold incorrect intuitive theories about the determinants of happiness. They overestimate the impact of specific life events on their experienced future well-being with regard to both intensity and duration. There are four major sources for the systematic over- and undervaluation of choice options: the underestimation of adaptation, distorted memory of past experiences, the rationalization of decisions, and false intuitive theories about the sources of future utility.

Suggested Citation

  • Bruno S. Frey, 2018. "Happiness and Consumption," SpringerBriefs in Economics, in: Economics of Happiness, chapter 0, pages 47-49, Springer.
  • Handle: RePEc:spr:spbchp:978-3-319-75807-7_9
    DOI: 10.1007/978-3-319-75807-7_9
    as

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