A cognitive model of individual well-being |
| |
| Authors: | Itzhak Gilboa David Schmeidler |
| |
| Institution: | (1) Department of Economics and Recanati School of Business, Tel Aviv University, Tel Aviv 69978, Israel (e-mail: igilboa@post.tav.ac.il), IL;(2) Department of Statistics and Recanati School of Business, Tel Aviv University, Tel Aviv, Israel, and Department of Economics, Ohio State University, Ohio, OH, USA (e-mail: schmeid@tav.ac.il), IL |
| |
| Abstract: | This paper offers a model of individual well-being that takes into account cognitive factors. It postulates that individuals
compare payoffs to aspiration levels. The latter are determined by past experiences (adaptation), by other people's performance
(interpersonal comparison), as well as by reasoning (justifications and excuses). We axiomatize a measure of well-being defined
on real-valued vectors of various lengths. It is a linear combination of differences between payoffs and aspiration levels,
where the aspiration level at each instance is a linear function of past payoffs.
Received: 3 April 1998/Accepted: 23 March 1999 |
| |
| Keywords: | |
| 本文献已被 SpringerLink 等数据库收录！ |
|
