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Comparison theory in economic psychology regarding the easterlin paradox and decreasing marginal utility : a critique

Cummins, Robert A. 2011, Comparison theory in economic psychology regarding the easterlin paradox and decreasing marginal utility : a critique, Applied research in quality of life, vol. 6, no. 3, pp. 241-252.

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Title Comparison theory in economic psychology regarding the easterlin paradox and decreasing marginal utility : a critique
Author(s) Cummins, Robert A.ORCID iD for Cummins, Robert A. orcid.org/0000-0001-9014-7193
Journal name Applied research in quality of life
Volume number 6
Issue number 3
Start page 241
End page 252
Publisher Springer Netherlands
Place of publication Dordrecht, Netherlands
Publication date 2011-09
ISSN 1871-2576
1871-2584
Keyword(s) Easterlin paradox
Decreasing marginal utility
Subjective wellbeing homeostasis
Comparison theory
Affect heuristic
Money
Happiness
Homeostatically protected mood
Summary This paper challenges the assumption within Economics that the relationship between money and subjective wellbeing is determined by processes of cognitive comparison. An alternative explanation for such well known phenomena as the Easterlin Paradox and Decreasing Marginal Utility are provided through a consideration of affect. The theoretical basis for such explanations relies on theory from Psychology usually overlooked by Economists, such as affect heuristics and Subjective Wellbeing Homeostasis. The presented evidence for this alternative source of explanation melds psychological theory with empirical data. It is concluded that affective processes offer a coherent alternative explanation for the phenomena under discussion.
Language eng
Field of Research 170199 Psychology not elsewhere classified
Socio Economic Objective 970117 Expanding Knowledge in Psychology and Cognitive Sciences
HERDC Research category C3 Non-refereed articles in a professional journal
Copyright notice ©2011, Springer Science+Business Media B.V./ The International Society for Quality-of-Life Studies (ISQOLS)
Persistent URL http://hdl.handle.net/10536/DRO/DU:30042963

Document type: Journal Article
Collection: School of Psychology
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Created: Tue, 06 Mar 2012, 11:05:37 EST by Jane Moschetti

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