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Title:Hedonic capital PDF Logo
Authors:Graham, Liam
Oswald, Andrew J.
Issue Date:2006
Series/Report no.:IZA Discussion Papers 2079
Abstract:This paper proposes a new way to think about happiness. It distinguishes between stocks and flows. Central to the analysis is a concept we call 'hedonic capital'. The paper sets out a model of the dynamics of wellbeing in which bad life-shocks are smoothed by the drawing down of hedonic capital. The model fits the patterns found in the empirical literature: the existence of a stable level of wellbeing and a tendency to return gradually towards that level. It offers a theory of hedonic adaptation.
Subjects:adaptation
wellbeing
evolution
happiness
habituation
JEL:D1
I3
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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