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http://hdl.handle.net/10419/33486
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| Title: | | Hedonic capital  |
| 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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