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Experienced Utility as a Standard of Policy Evaluation

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Author Info
Daniel Kahneman
Robert Sugden ()

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Abstract

This paper explores the possibility of basing economic appraisal on the measurement of experienced utility (utility as hedonic experience) rather than decision utility (utility as a representation of preference). Because of underestimation of the extent of hedonic adaptation to changed circumstances and because of the “focusing illusion†(exaggerating the importance of the current focus of one’s attention), individuals’ forecasts of experienced utility are subject to systematic error. Such errors induce preference anomalies which the experienced utility approach might circumvent. The “day reconstruction method†of measuring experienced utility is considered as a possible alternative to stated preference methods. Copyright Springer 2005

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File URL: http://hdl.handle.net/10.1007/s10640-005-6032-4
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 32 (2005)
Issue (Month): 1 (09)
Pages: 161-181
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Handle: RePEc:kap:enreec:v:32:y:2005:i:1:p:161-181

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Web page: http://www.springerlink.com/link.asp?id=100263

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Related research
Keywords: contingent valuation day reconstruction method experienced utility focusing illusion

Cited by:
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  1. Katrin Rehdanz, 2007. "Species Diversity And Human Well-Being: A Spatial Econometric Approach," Working Papers FNU-151, Research unit Sustainability and Global Change, Hamburg University, revised Oct 2007. [Downloadable!]
  2. Floris Heukelom, 2007. "Who are the Behavioral Economists and what do they say?," Tinbergen Institute Discussion Papers 07-020/1, Tinbergen Institute. [Downloadable!]
  3. Andrew J. Oswald & Nattavudh Powdthavee, 2006. "Does Happiness Adapt? A Longitudinal Study of Disability with Implications for Economists and Judges," IZA Discussion Papers 2208, Institute for the Study of Labor (IZA). [Downloadable!]
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  4. Gardner, Jonathan & Oswald, Andrew J., 2006. "Money and Mental Wellbeing : A Longitudinal Study of Medium-Sized Lottery Wins," The Warwick Economics Research Paper Series (TWERPS) 754, University of Warwick, Department of Economics. [Downloadable!]
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  5. Liam Graham & Andrew J. Oswald, 2006. "Hedonic Capital," IZA Discussion Papers 2079, Institute for the Study of Labor (IZA). [Downloadable!]
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