Munich Personal RePEc Archive

Procedural Rationality and Happiness

Novarese, Marco and Castellani, Marco and Di Giovinazzo, Viviana (2009): Procedural Rationality and Happiness. Forthcoming in: Journal of Socio Economics

[img]
Preview
PDF
MPRA_paper_18290.pdf

Download (141kB) | Preview

Abstract

The Economics of Happiness already recognizes how procedures affect the evaluation of outcomes, although this has only been looked at within the standard framework of substantial rationality. This paper aims to go beyond that kind of approach by linking happiness and procedural rationality, focusing on ‘happiness for choice’ (the individual’s perceived satisfaction after the decision making process). Simon’s model shows the need for defining aspirations whose values are adapted to the past experience in a given environment. Some remarks proposed by Scitovsky’s allow to extend this idea considering the role of creative representation of the world as a way for trying to go beyond the past. These ideas are tested using data on aspirations and satisfaction expressed by students attending an economic course.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.