National Bureau of Economic Research Working Paper, no. MacCulloch (Imperial College London), 2007, Happiness adaptation to income and to status in an individual panel. Journal of Economic Literature, 46, 95–144Įffect of a 50% spike in incomeR. of Melbourne), 2008, Relative income, happiness, and utility: An explanation for the Easterlin paradox and other puzzles. Greater past consumption leads to higher norms causing satisfaction to return to previous levels.The hedonic treadmillĪdaptation and relative standing may prevent overall increases in income from creating overall increases in satisfactionYour Previous IncomeYour Happiness at Income XYour Comparison Group IncomeEconomic research “show that happiness is indeed negatively related to others’ incomes and to own past income.”A. Lottery winners and accident victims: Is happiness relative? Journal of Personality and Social Psychology, 36(8), 917–927. Hedonic adaptation in wealthHappiness level of lottery winners interviewed a few months after winning was not significantly different from non-winnersBrickman, P., Coates, D., & Janoff-Bulman, R. Loewenstein (Carnegie Mellon), 1999, “Hedonic adaptation,” in Well-being: The foundations of hedonic psychology. Journal of Public Economics, 92, 1061-1077.Īdaptation takes time“There is less evidence of adaptation to chronic or progressive diseases…in contrast to paralysis victims, whose condition is likely to remain constant over time, sufferers of such debilitating diseases must cope … with new impairments as their disease progresses”S. of London, UK), 2008, Does happiness adapt? A longitudinal study of disability with implications for economists and judges. In a longitudinal study of a 215,000 person-years, for people who become disabled, “we estimate the degree of hedonic adaptation at – depending on the severity of the disability – approximately 30% to 50%”Estimate may be lower due to progressive diseases. Journal of Personality and Social Psychology, 48(5), 1162-1172 Portland), 1985, Long-term adjustment to physical disability: the role of social support, perceived control, and self-blame. For all three outcome measures, respondents reported levels of well-being only slightly lower than population means of nondisabled persons of similar age.R. Hedonic adaptation in disabilityParaplegic / quadriplegic injury victims an average of 20 years after injury tested on (1) Index of Psychological Weil-Being, (2) Life Satisfaction Index, and (3) Center for Epidemiologic Studies Depression Scale. Lucas (Michigan State U.), 2005, Time Does Not Heal All Wounds: A Longitudinal Study of Reaction and Adaptation to Divorce. Lucas (Michigan State U.), 2008, Lags And Leads in Life Satisfaction: a Test of the Baseline Hypothesis. Hedonic adaptation in widowhoodMalesFemalesA. Journal of Economic Perspectives, 20(1), 3-24. Krueger (Princeton), 2006, Developments in the measurement of subjective well-being. Hedonic adaptation in marriageDaniel Kahneman(Princeton) and Alan B. Hedonic adaptationChanges in income or experiences temporarily affect happiness, but as people become accustomed to the new situation, the impact diminishes Our choices and our satisfaction are driven by the comparisons we make Nearby additionalAlternativeFuturePastExpectedCurrentMultiple AlternativeRelevant Observedīehavioral Economics ConceptsLoss Aversion Endowment Effect Status Quo BiasAvailability EffectsEndogenous Determination of Time PreferenceNearby additionalAlternativeFuturePastExpectedCurrentHedonic AdaptationPlacebo Effect StereotypesMultiple AlternativeAnchoring Paradox of Choice Peer Effects Relative StandingRelevant Observed Hedonic AdaptationWhy we don’t stay happierDr.
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