Revisiting Michael McBride’s experiment about “Money, happiness, and aspirations”
AbstractIn a laboratory experiment designed to test aspiration-based theories of happiness, McBride (2010) found no evidence of the predicted negative effect of own past payments on subjects’ satisfaction with their current round payments. This paper presents further analysis of McBride’s data that reveals such an effect. In the treatment where such an effect is most likely to be observed, subjects’ satisfaction with their payments in a given round is negatively affected by the level of payment they received the last time they faced the same payment probabilities. The overall trajectory of their payments when facing the same payment probabilities is also found to have an effect.
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Bibliographic InfoPaper provided by University of Oxford, Nuffield College in its series Discussion Papers with number 2010003.
Length: 10 pages
Date of creation: Nov 2010
Date of revision:
Satisfaction; Happiness; Adaptation; Experiment;
Find related papers by JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-04 (All new papers)
- NEP-CBE-2010-12-04 (Cognitive & Behavioural Economics)
- NEP-EXP-2010-12-04 (Experimental Economics)
- NEP-HAP-2010-12-04 (Economics of Happiness)
- NEP-SOC-2010-12-04 (Social Norms & Social Capital)
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- Marcus Klemm, 2011.
"You Don‘t Know what You‘ve got till It‘s Gone! Unemployment and Intertemporal Changes in Self-Reported Life Satisfaction,"
Ruhr Economic Papers
0297, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Marcus Klemm, 2011. "You Don't Know What You've Got till It's Gone!: Unemployment and Intertemporal Changes in Self-Reported Life Satisfaction," SOEPpapers on Multidisciplinary Panel Data Research 421, DIW Berlin, The German Socio-Economic Panel (SOEP).
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