Life-Cycle Happiness in a Discounted Utility Model
A 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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Volume (Year): 50 (1997)
Issue (Month): 3 ()
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