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A decision-making model for workload/salary choices and their effect on well-being

  • Facci, Eugenio L.
  • Chartier, Genie
Registered author(s):

    We propose a career decision-making model to examine employees' well-being and understand why in developed countries rising incomes are accompanied by increasing workloads, rising social problems and stagnant satisfaction. The model applies prospect theory to people's career choices under uncertainty, and specifically to scenarios where workload is expressed through qualitative expressions. We argue that uncertainty leads to systematic over-evaluation of some well-being predictors (salary) over others (friends and family). A research agenda and some potential solutions are also discussed.

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    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 37 (2008)
    Issue (Month): 5 (October)
    Pages: 1880-1905

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    Handle: RePEc:eee:soceco:v:37:y:2008:i:5:p:1880-1905
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620175

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    1. Kahneman, Daniel & Wakker, Peter P & Sarin, Rakesh, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 375-405, May.
    2. Daniel Kahneman & Alan B. Krueger & David Schkade & Norbert Schwarz & Arthur Stone, 2004. "Toward National Well-Being Accounts," American Economic Review, American Economic Association, vol. 94(2), pages 429-434, May.
    3. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    4. Golden, Lonnie & Wiens-Tuers, Barbara, 2006. "To your happiness? Extra hours of labor supply and worker well-being," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(2), pages 382-397, April.
    5. Alesina, Alberto F & Di Tella, Rafael & MacCulloch, Robert, 2001. "Inequality and Happiness: Are Europeans and Americans Different?," CEPR Discussion Papers 2877, C.E.P.R. Discussion Papers.
    6. Judge, Timothy A. & Larsen, Randy J., 2001. "Dispositional Affect and Job Satisfaction: A Review and Theoretical Extension," Organizational Behavior and Human Decision Processes, Elsevier, vol. 86(1), pages 67-98, September.
    7. Gary Marks & Nicole Fleming, 1999. "Influences and Consequences of Well-being Among Australian Young People: 1980–1995," Social Indicators Research, Springer, vol. 46(3), pages 301-323, March.
    8. Helliwell, John F., 2003. "How's life? Combining individual and national variables to explain subjective well-being," Economic Modelling, Elsevier, vol. 20(2), pages 331-360, March.
    9. Daniel Kahneman & Alan B. Krueger & David Schkade & Norbert Schwarz & Arthur A. Stone, 2006. "Would You Be Happier If You Were Richer? A Focusing Illusion," Working Papers 77, Princeton University, Department of Economics, Center for Economic Policy Studies..
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    11. Barro, Robert J., 1999. "Determinants of Democracy," Scholarly Articles 3451297, Harvard University Department of Economics.
    12. Camerer, Colin, et al, 1997. "Labor Supply of New York City Cabdrivers: One Day at a Time," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 407-41, May.
    13. Bruno Frey & Alois Stutzer, 2000. "Happiness Prospers in Democracy," Journal of Happiness Studies, Springer, vol. 1(1), pages 79-102, March.
    14. Robert J. MacCulloch & Rafael Di Tella & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March.
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    16. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
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