Hedonic Capital

  title={Hedonic Capital},
  author={Liam Graham and Andrew J. Oswald},
This paper proposes a new way to think about happiness. It distinguishes between stocks and flows. Central to the analysis is a concept we call ‘hedonic capital’. The paper sets out a model of the dynamics of wellbeing in which bad l ife-shocks are smoothed by the drawing down of hedonic capital. The model fits the patt erns found in the empirical literature: the existence of a stable leve l of wellbeing and a tendency to return gradually towards that level. It offers a theory of hedonic… CONTINUE READING


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