Hedonic capital
By: by Liam Graham, Andrew J. Oswald
Contributors: Oswald, Andrew J.
Series: Discussion paper -- no. 2079; Discussion paper (Forschungsinstitut zur Zukunft der Arbeit : Online) -- no. 2079
Publisher: IZA
Published: 2006
Place of publication: Bonn, Germany
Language: eng
Format: [electronic resource] /
Subjects: Well-being; Hedonic damages; Capital
Description: "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"--Forschungsinstitut zur Zukunft der Arbeit web site.
Notes: Title from PDF file as viewed on 4/11/2006.

Includes bibliographical references.

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