There is a longstanding discussion on whether happiness is culturally relative or not. The available data suggest that all humans tend to assess how much they like their lives. The evaluation draws both on affective experience, which is linked to gratification of universal human needs and on cognitive comparison, which is framed by cultural standards of the good life. The overall appraisal seems to depend more on the former than on the latter source of information. Conditions for happiness appear to (...) be quite similar across the world and so are the consequences of enjoying life or not. There is more cultural variation in the valuation of happiness and in beliefs about conditions for happiness. The greatest variation is found in how happy people are. (shrink)

A central point of debate over environmental policies concerns how future costs and benefits should be assessed. The most commonly used method for assessing the value of future costs and benefits is economic discounting. One often-cited justification for discounting is uncertainty. More specifically, it is risk aversion coupled with the expectation that future prospects are more risky. In this paper I argue that there are at least two reasons for disputing the use of risk aversion as a justification for discounting (...) when dealing with longterm decisions, one technical and one ethical. Firstly, I argue that technically, it implies an inconsistency between theory and practice. And secondly, I argue that discounting for uncertainty relies on a form of individualism which, while reasonable in standard microeconomic theory where an agent chooses how to spread her own consumption over her own lifetime, is inappropriate in the context of intergenerational social decisions. (shrink)

Happiness studies have rekindled interest in the measurement of subjective well-being, and often claim to track faithfully ‘what people care about’ in their lives. It is argued in this article that seeking to respect individuals’ preferences in the context of making intrapersonal and interpersonal comparisons for social evaluation has important and somewhat surprising implications, which shed light, in particular, on subjective measures and their objective alternatives, such as Sen’s capability approach. Four points are made. First, raw subjective well-being scores are (...) problematic because they involve different calibration norms for different individuals or for the same individuals at different times. Money-metric and similar measures appear more attractive in this perspective. Second, if individuals genuinely care about their relative positions, incorporating such relative aspects in the evaluation of individual situations does not necessarily lead to rewarding the selfish and malevolent. Third, in the context of risk, relying on ex ante preferences may clash with a concern for ex post preferences, which are better informed. Fourth, focusing on opportunities or capabilities may fail to respect preferences. (shrink)

Over the last decades, empirical research on subjective well-being in the social sciences has provided a major new stimulation of the discourse on individual happiness. Recently this research has also been linked to economics where reported subjective well-being is often taken as a proxy measure for individual welfare. In our review, we intend to provide an evaluation of where the economic research on happiness stands and of three directions it might develop. First, it offers new ways for testing the basic (...) assumptions of the economic approach and for going about a new understanding of utility. Second, it provides a new possibility for the complementary testing of theories across fields in economics. Third, we inquire how the insights gained from the study of individual happiness in economics affect public policy. (shrink)

Contrary to the many accounts of the destructive effects of strong emotions, this article argues that the most serious problems facing the world are caused by a deficiency rather than an excess of emotions. It then shows how an evolutionary account of emotion can explain when and why such deficiencies occur.