Hedonic capital, adaptation and resilience

Liam Graham and Andrew Oswald

Journal of Economic Behavior & Organization, 2010, vol. 76, issue 2, 372-384

Abstract: The paper sets out a theory of hedonic adaptation and resilience. By distinguishing between stocks and flows of psychological resources, it suggests a new way to think about the dynamics of human well-being or 'happiness'. Central to the analysis is a concept we refer to as hedonic capital. We build on the idea that the evolutionary function of happiness is as a motivating device. Our model successfully replicates the patterns routinely found in well-being data - particularly the empirical regularity of an approximately stable level of well-being and the adaptive tendency to return towards that level. The formal model provides a number of testable empirical predictions.

Keywords: Adaptation; Well-being; Evolution; Happiness; Habituation; Resilience (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (45)

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Working Paper: Hedonic capital, adaptation and resilience (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:76:y:2010:i:2:p:372-384

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