Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference

Daniel J. Benjamin, Ori Heffetz, Miles S. Kimball, Nichole Szembrot

NBER Working Paper No. 18374
Issued in September 2012, Revised in August 2013

---- Acknowledgments ----

We thank Gregory Besharov, Erzo F. P. Luttmer, Ted O'Donoghue, Andrew Oswald, Matthew Rabin, and Alex Rees-Jones for valuable early discussions and suggestions, and Matthew Adler, Aaron Bodoh-Creed, Alexander Cappelen, Viktoria Dalko, Angus Deaton, Koen Decancq, Marc Fleurbaey, Carol Graham, John Ifcher, Vithala Rao, Moses Shayo, and Bertil Tungodden for valuable comments. We thank the editor, Marianne Bertrand, and three anonymous referees for suggestions that substantially improved the paper. For helpful feedback, we are grateful to participants at the Cornell Behavioral Economics Research Group and the Cornell Behavioral/Experimental Lab Meetings, and conference and seminar audiences at the WEAI annual meetings (2011, 2013), AEA annual meetings, IZA Workshop on Sources of Welfare and Well-Being, Michigan Social Psychology- Economics Workshop, Bay Area Behavioral and Experimental Economics Workshop, Technion's Minerva Workshop on Decisions and Emotional Expressions, Samos AGT Summer School, NBER SI, Well-being in Contemporary Society Conference, Stanford Institute for Theoretical Economics, Paris Workshop on Well-Being and Preferences, New Directions in Welfare Economics III Conference, Bank of Israel, Cornell, London School of Economics, Norwegian School of Economics, Paris School of Economics, UCLA, Zurich, and a University of Warwick short course on Cognitive Economics. We thank Brice Cooke, Yeon Sik Cho, Thomas Davidson, Julia Goorin, Anthony Hawkins, Allen He, Julian Hsu, Sarina Kumar, Yupeng Li, Allison Nunez, Bora Park, Nathaniel Schorr, Atik Shah, Andrew Simon, Martha Widger, and especially Melissa Bickerman, Jaesun Lee, and Andrew Sung, for their research assistance. For financial support we are grateful to Cornell's Institute for Social Science, S.C. Johnson Graduate School of Business, and NIH/NIA grants R01-AG040787 to the University of Michigan and T32-AG00186 to the NBER. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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