The ‘adjustment strategy’ currently seems to be the most common approach to incorporating objective elements into one's theory of well‐being. These theories face a certain problem, however, which can be avoided by a different approach – namely, that employed by ‘partially objective multi‐component theories.’ Several such theories have recently been proposed, but the question of how to understand their mathematical structure has not been adequately addressed. I argue that the most mathematically simple of these multi‐component theories fails, so I proceed (...) to investigate more sophisticated ways to formulate such a theory. I conclude that one of these – the Discount/Inflation Theory – is particularly promising. (shrink)