Journal
AMERICAN ECONOMIC REVIEW
Volume 102, Issue 5, Pages 2083-2110Publisher
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.102.5.2083
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Funding
- NIA NIH HHS [P01 AG026571, R01 AG040787, P01 AG026571-01] Funding Source: Medline
- NICHD NIH HHS [R24 HD041028] Funding Source: Medline
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Would people choose what they think would maximize their subjective well-being (SWB)? We present survey respondents with hypothetical scenarios and elicit both choice and predicted SWB rankings of two alternatives. While choice and predicted SWB rankings usually coincide in our data, we find systematic reversals. We identify factors-such as predicted sense of purpose, control over one's life, family happiness, and social status-that help explain hypothetical choice controlling for predicted SWB. We explore how our findings vary by SWB measure and by scenario. Our results have implications regarding the use of SWB survey questions as a proxy for utility. (JEL D03, I31)
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