Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/146402 
Authors: 
Year of Publication: 
2016
Publisher: 
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft, Kiel und Hamburg
Abstract: 
Abstract Recent developments in identifying economic and social phenomena within the theory and laws of physics do not provide a sufficient basis of information for economists. In this article, an interdisciplinary analysis in microeconomics, is proposed to overcome this limit by establishing a new economic theory in the way of better analyzing economic problems from the methodological perspectives of physics. This new theoretical approach is tested on a model using individual time use values that identifies how life satisfaction may be defined through economic utility so as to better investigate the income-happiness paradox as pointed out by Easterlin. The theoretical analysis point out that an increase in happiness would depend on the ability to replace subsidiaries with conspicuous consumption so long as they have common characteristics that satisfy the same needs. This consumption pattern implies that consumers would draw more satisfaction from less usage of conspicuous goods than from higher usage of subsidiaries, under given budget and time constraints.
Subjects: 
Time use
Relativistic Satisfaction
Satisfaction Waves
Speed of Satisfaction
JEL: 
J22
D01
Document Type: 
Preprint

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