TY - JOUR
T1 - A cognitive model of individual well-being
AU - Gilboa, Itzhak
AU - Schmeidler, David
PY - 2001
Y1 - 2001
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=23044525582&partnerID=8YFLogxK
U2 - 10.1007/s003550100103
DO - 10.1007/s003550100103
M3 - ???researchoutput.researchoutputtypes.contributiontojournal.article???
AN - SCOPUS:23044525582
SN - 0176-1714
VL - 18
SP - 269
EP - 288
JO - Social Choice and Welfare
JF - Social Choice and Welfare
IS - 2
ER -