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Suboptimal choices and the need for experienced individual well-being in economic analysis
JournalArticle (Originalarbeit in einer wissenschaftlichen Zeitschrift)
 
ID 1462929
Author(s) Hsee, Christopher K.; Rottenstreich, Yuval; Stutzer, Alois
Author(s) at UniBasel Stutzer, Alois
Year 2012
Title Suboptimal choices and the need for experienced individual well-being in economic analysis
Journal International journal of happiness and development
Volume 1
Number 1
Pages / Article-Number 63-85
Keywords suboptimal choice; individual well-being; experienced utility; evaluation mode; salient rule; utility misprediction
Abstract Standard economic analysis assumes that people make choices that maximise their utility. Yet both popular discourse and other fields assume that people sometimes fail to make optimal choices and thus adversely affect their own happiness. Most social sciences thus frequently describe some patterns of decision as suboptimal. We review evidence of suboptimal choices that arise for two reasons. First, people err in predicting the utility they may accrue from available choice options due to the evaluation mode. Second, people choose on the basis of salient rules that are unlikely to maximise utility. Our review is meant to highlight the possibility of a research programme that combines economic analysis with measures of individuals’ experienced well-being to improve people’s happiness.
Publisher Inderscience Publishers
ISSN/ISBN 2049-2790
edoc-URL http://edoc.unibas.ch/dok/A6056090
Full Text on edoc Available
Digital Object Identifier DOI 10.1504/IJHD.2012.050826
 
   

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