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Increasing consumer well-being: risk as potential driver of happiness

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  • Nawel Ayadi
  • Corina Paraschiv
  • Eric Vernette

Abstract

This article investigates the relation between risk and individual well-being. We propose a theoretical model of happiness that makes a distinction between ex ante evaluations of happiness and ex post assessments. The main assumptions of the model are tested through three studies based on anchoring vignettes. We show that, even if, ex ante, consumers fear high risk and do not associate it to a high level of happiness, their ex post evaluation of well-being is generally higher when identical consequences result from a high-risk situation than from a low-risk situation. Control over risk-taking reinforces the gap between ex ante and ex post measures of happiness. Thus, our article provides empirical evidence about a positive relation between risk and individual well-being, suggesting that risky experiences have the potential to increase consumer well-being.

Suggested Citation

  • Nawel Ayadi & Corina Paraschiv & Eric Vernette, 2017. "Increasing consumer well-being: risk as potential driver of happiness," Applied Economics, Taylor & Francis Journals, vol. 49(43), pages 4321-4335, September.
    • Handle: RePEc:taf:applec:v:49:y:2017:i:43:p:4321-4335
    DOI: 10.1080/00036846.2017.1282142
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    Cited by:

    1. Mansi Jain & Gagan Deep Sharma & Mandeep Mahendru, 2019. "Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness," Sustainability, MDPI, vol. 11(22), pages 1-36, November.
    2. Lars Meyer-Waarden & Julien Cloarec, 2022. "“Baby, you can drive my car”: Psychological antecedents that drive consumers’ adoption of AI-powered autonomous vehicles," Post-Print hal-03385891, HAL.
    3. Kailin Cheng & Jiangqun Liao, 2023. "Coping with Coronavirus Pandemic: Risk Perception Predicts Life Optimism," Journal of Happiness Studies, Springer, vol. 24(1), pages 351-371, January.
    4. Attié, Elodie & Meyer-Waarden, Lars, 2022. "The acceptance and usage of smart connected objects according to adoption stages: an enhanced technology acceptance model integrating the diffusion of innovation, uses and gratification and privacy ca," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    5. Meyer-Waarden, Lars & Cloarec, Julien, 2022. "“Baby, you can drive my car”: Psychological antecedents that drive consumers’ adoption of AI-powered autonomous vehicles," Technovation, Elsevier, vol. 109(C).

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