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Procedural rationality and happiness

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  • Castellani, Marco
  • Di Giovinazzo, Viviana
  • Novarese, Marco

Abstract

The economics of happiness already recognizes how procedures affect the evaluation of outcomes, although this has only been looked at within the standard framework of substantial rationality. This paper aims to go beyond that kind of approach by linking happiness and procedural rationality, focusing on 'happiness for choice' (the individual's perceived satisfaction after the decision-making process). Simon's model shows the need for defining aspirations whose values are adapted to the past experience in a given environment. Some remarks proposed by Scitovsky's allow to extend this idea considering the role of creative representation of the world as a way for trying to go beyond the past. These ideas are tested using data on aspirations and satisfaction expressed by students attending an economic course.

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  • Castellani, Marco & Di Giovinazzo, Viviana & Novarese, Marco, 2010. "Procedural rationality and happiness," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(3), pages 376-383, June.
    • Handle: RePEc:eee:soceco:v:39:y:2010:i:3:p:376-383
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    Cited by:

    1. Daniele Schilirò, 2012. "Bounded Rationality And Perfect Rationality: Psychology Into Economics," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 3(2), pages 99-108.
    2. David Allen Axelrod, 2019. "Experiences, Choice and Well-Being: An Economics of Psychological Energy," Proceedings of the 12th International RAIS Conference, April 3-4, 2019 1AAD, Research Association for Interdisciplinary Studies.
    3. Daniele SCHILIRÒ, 2013. "Bounded Rationality: Psychology, Economics And The Financial Crises," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 4(1), pages 97-108.
    4. Schilirò, Daniele, 2011. "Economics and psychology.Perfect rationality versus bounded rationality," MPRA Paper 34292, University Library of Munich, Germany.
    5. Mario GRAZIANO & Daniele SCHILIRÒ, 2011. "Rationality And Choices In Economics: Behavioral And Evolutionary Approaches," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 2(2), pages 182-195.
    6. Novarese, Marco & Di Giovinazzo, Viviana, 2013. "Promptness and Academic Performance," MPRA Paper 49746, University Library of Munich, Germany.

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    More about this item

    Keywords

    Procedural rationality Happiness Aspirations Expectations Satisfaction;

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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