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The Elusive Quest for Happiness

Author

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  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

  • Zhelyu Panayotov

Abstract

This article summarizes key findings in the contemporary research field of happiness economics. Elaborated is the influence of macroeconomic factors like inflation, unemployment, and GDP, as well as the quality of governance on the overall reported life satisfaction. The concepts of conspicuous consumption and the relative income hypothesis are brought in connection with the notion of the ‘hedonic treadmill’ for the purpose of explaining the invariant happiness levels in the last decades despite of the remarkable increase in standard of living. The methodological framework is used to find an answer to the puzzling question of declining women’s reported happiness levels in developed economies

Suggested Citation

  • Teodor Sedlarski & Zhelyu Panayotov, 2016. "The Elusive Quest for Happiness," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 13(1), pages 293-316, September.
    • Handle: RePEc:sko:yrbook:v:13:y:2016:i:1:p:293-316
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    File URL: http://www.feb.uni-sofia.bg/sko/yrbook/Yearbook13-15.pdf
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    More about this item

    Keywords

    happiness; positional goods; status; gender gap; Easterlin paradox; hedonic treadmill; aspiration treadmill.;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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