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Do People Seek to Maximize Their Subjective Well?Being?

Author

Listed:
  • Fleurbaey, Marc

    (Princeton University)

  • Schwandt, Hannes

    (Northwestern University)

Abstract

In a new survey we ask respondents, after a standard Subjective Well-Being (SWB) question, if they can think of changes in their lives that would improve their SWB score. If the SWB score is just one argument among others in the respondents' goals in life, they should easily find ways to improve it, at the expense of other dimensions they care about. Our results suggest that close to 90% of the respondents actually seek to maximize their SWB. The life satisfaction question appears the best contender as the "maximand" in the contest, before the ladder-of-life question and felt happiness. Among the other goals that people pursue and for which they are willing to sacrifice some of their SWB, the prominent appear to be about their relatives and about their future self.

Suggested Citation

  • Fleurbaey, Marc & Schwandt, Hannes, 2015. "Do People Seek to Maximize Their Subjective Well?Being?," IZA Discussion Papers 9450, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp9450
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    1. The Utopia paradox
      by chris in Stumbling and Mumbling on 2015-12-10 19:37:00

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    Cited by:

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    2. Van Landeghem, Bert & Vandeplas, Anneleen, 2018. "The relationship between status and happiness: Evidence from the caste system in rural India," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 77(C), pages 62-71.
    3. Schwandt, Hannes, 2016. "Unmet aspirations as an explanation for the age U-shape in wellbeing," Journal of Economic Behavior & Organization, Elsevier, vol. 122(C), pages 75-87.
    4. Alpaslan Akay & Olivier B. Bargain & H. Xavier Jara, 2023. "Experienced versus decision utility: large‐scale comparison for income–leisure preferences," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(4), pages 823-859, October.
    5. Alpaslan Akay & Olivier Bargain & H. Xavier Jara, 2020. "‘Fair’ welfare comparisons with heterogeneous tastes: subjective versus revealed preferences," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 55(1), pages 51-84, June.
    6. Marijana Andrijić & Tajana Barbić, 2021. "When the Going Gets Tough … the Effect of Economic Reform Programmes on National Well-Being," Sustainability, MDPI, vol. 13(20), pages 1-19, October.
    7. Bert Van Landeghem & Anneleen Vandeplas, 2016. "Lower in rank, but happier: the complex relationship between status and happiness," LICOS Discussion Papers 38516, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
    8. Akay, Alpaslan & Bargain, Olivier B. & Jara, H. Xavier, 2017. "Back to Bentham, Should We? Large-Scale Comparison of Experienced versus Decision Utility," GLO Discussion Paper Series 52, Global Labor Organization (GLO).
    9. Adler, Matthew D. & Dolan, Paul & Kavetsos, Georgios, 2017. "Would you choose to be happy? Tradeoffs between happiness and the other dimensions of life in a large population survey," Journal of Economic Behavior & Organization, Elsevier, vol. 139(C), pages 60-73.
    10. Akay, Alpaslan & Bargain, Olivier & Jara Tamayo, H. Xavier, 2023. "Experienced versus decision utility: large-scale comparison for income-leisure preferences," LSE Research Online Documents on Economics 117746, London School of Economics and Political Science, LSE Library.
    11. Kevin Denny, 2017. "Are the Effects of Height on Well-Being a Tall Tale?," Journal of Happiness Studies, Springer, vol. 18(5), pages 1445-1458, October.
    12. Carlotta Balestra & Romina Boarini & Elena Tosetto, 2018. "What Matters Most to People? Evidence from the OECD Better Life Index Users’ Responses," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 136(3), pages 907-930, April.
    13. Mattauch, Linus & Hepburn, Cameron, 2016. "Climate policy when preferences are endogenous – and sometimes they are," INET Oxford Working Papers 2016-04, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    14. Janina Nemitz, 2022. "Increasing longevity and life satisfaction: is there a catch to living longer?," Journal of Population Economics, Springer;European Society for Population Economics, vol. 35(2), pages 557-589, April.

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    More about this item

    Keywords

    subjective well‐being; life satisfaction; happiness; life goals; utility;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D60 - Microeconomics - - Welfare Economics - - - General

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