A General Model of Subjective Value and Stimulus-Intensity-Sensitive Hedonic Editing Strategy

Subjective value is foundational to decision-making processes and people's sense of happiness. To better represent decision-makers' psychological characteristics when subjective value is formed, we establish an attention-and-reference-dependent subjective value model by simultaneously considering the absolute subjective value, relative subjective value, and attention distribution. Our model provides researchers with a theoretical tool for explaining, predicting, and adjusting decision behaviors. Additionally, to maximize the total experienced subjective value brought by multiple events, we compare hedonic editing strategies and demonstrate that the optimal hedonic editing strategy is sensitive to the stimulus intensity. This stimulus-intensity-sensitive strategy is contrary to the hedonic editing strategy inferred from the prospect theory value function when stimulus intensity is relatively small. The results of this study enrich transaction utility theory and expectation-disconfirmation theory and can guide decision-makers in enhancing happiness by rationally dealing with gains and losses.

Automated summary

Subjective value plays a fundamental role in decision-making processes and individuals' sense of happiness. We propose an attention-and-reference-dependent subjective value model that considers absolute and relative subjective value as well as attention distribution to better capture decision-makers' psychological characteristics. This model offers a theoretical tool for explaining, predicting, and adjusting decision behaviors. Additionally, our study compares hedonic editing strategies to maximize the overall experienced subjective value and reveals the stimulus-intensity-sensitive optimal strategy, contradicting the hedonic editing strategy based on the prospect theory value function when stimulus intensity is relatively small. The findings enrich transaction utility theory and expectation-disconfirmation theory, providing guidance for decision-makers to enhance happiness by rational management of gains and losses.