Maximising Happiness?

No 22, IEW - Working Papers from Institute for Empirical Research in Economics - University of Zurich

Abstract: The measurement of individual happiness challenges the notion that revealed preferences only reliably and empirically reflect individual utility. Reported subjective well-being is a broader concept than traditional decision utility; it also includes concepts like experience and procedural utility. Micro- and macroeconometric happiness functions offer new insights on determinants of life satisfaction. However, one should not leap to the conclusion that happiness should be maximised, as was suggested for social welfare function maximisation. In contrast, happiness research strengthens the validity of an institutional approach, such as reflected in the theory of democratic economic policy.

Keywords: constitutional economics; happiness; institutions; social welfare function (search for similar items in EconPapers)
JEL-codes: D60 D71 I31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-ltv, nep-mic and nep-pke
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Maximising Happiness? (2000)
Journal Article: Maximizing Happiness? (2000)
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