Warning: Undefined array key "mm" in /www/wwwroot/www.ai-bt.com/si.php on line 10 Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /www/wwwroot/www.ai-bt.com/si.php on line 10 Can Marginal Rates of Substitution Be Inferred From Happiness Data? Evidence from Residency Choices.

Literature DB >> 25404759

Can Marginal Rates of Substitution Be Inferred From Happiness Data? Evidence from Residency Choices.

Daniel J Benjamin¹, Ori Heffetz², Miles S Kimball³, Alex Rees-Jones⁴.

Abstract

We survey 561 students from U.S. medical schools shortly after they submit choice rankings over residencies to the National Resident Matching Program. We elicit (a) these choice rankings, (b) anticipated subjective well-being (SWB) rankings, and (c) expected features of the residencies (such as prestige). We find substantial differences between choice and anticipated-SWB rankings in the implied tradeoffs between residency features. In our data, evaluative SWB measures (life satisfaction and Cantril's ladder) imply tradeoffs closer to choice than does affective happiness (even time-integrated), and as close as do multi-measure SWB indices. We discuss implications for using SWB data in applied work.

Entities: Chemical

Keywords: choice; happiness; life satisfaction; marginal rate of substitution; preference; revealed preference; subjective well-being; utility

Year: 2014 PMID： 25404759 PMCID： PMC4231441 DOI： 10.1257/aer.104.11.3498

Source DB: PubMed Journal: Am Econ Rev ISSN： 0002-8282

10 in total

1. Value seeking and prediction-decision inconsistency: why don't people take what they predict they'll like the most?

Authors: C K Hsee
Journal: Psychon Bull Rev Date: 1999-12

2. High income improves evaluation of life but not emotional well-being.

Authors: Daniel Kahneman; Angus Deaton
Journal: Proc Natl Acad Sci U S A Date: 2010-09-07 Impact factor: 11.205

3. Monetary valuation of informal care: the well-being valuation method.

Authors: Bernard van den Berg; Ada Ferrer-I-Carbonell
Journal: Health Econ Date: 2007-11 Impact factor: 3.046

4. Hedonomics: Bridging Decision Research With Happiness Research.

Authors: Christopher K Hsee; Reid Hastie; Jingqiu Chen
Journal: Perspect Psychol Sci Date: 2008-05

5. Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference.

Authors: Daniel J Benjamin; Miles S Kimball; Ori Heffetz; Nichole Szembrot
Journal: Am Econ Rev Date: 2014-09

6. The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design.

Authors: Alvin E Roth; Elliott Peranson
Journal: Am Econ Rev Date: 1999-09

7. What Do You Think Would Make You Happier? What Do You Think You Would Choose?().

Authors: Daniel J Benjamin; Miles S Kimball; Ori Heffetz; Alex Rees-Jones
Journal: Am Econ Rev Date: 2012-08

8. Neighborhood effects on the long-term well-being of low-income adults.

Authors: Jens Ludwig; Greg J Duncan; Lisa A Gennetian; Lawrence F Katz; Ronald C Kessler; Jeffrey R Kling; Lisa Sanbonmatsu
Journal: Science Date: 2012-09-21 Impact factor: 47.728

9. Location, location, location: the misprediction of satisfaction in housing lotteries.

Authors: Elizabeth W Dunn; Timothy D Wilson; Daniel T Gilbert
Journal: Pers Soc Psychol Bull Date: 2003-11

10. Can Marginal Rates of Substitution Be Inferred From Happiness Data? Evidence from Residency Choices.

Authors: Daniel J Benjamin; Ori Heffetz; Miles S Kimball; Alex Rees-Jones
Journal: Am Econ Rev Date: 2014-11

10 in total

13 in total

1. Creative Destruction and Subjective Well-Being.

Authors: Philippe Aghion; Ufuk Akcigit; Angus Deaton; Alexandra Roulet
Journal: Am Econ Rev Date: 2016-12

2. COGNITIVE ECONOMICS.

Authors: Miles Kimball
Journal: Jpn Econ Rev (Oxf) Date: 2015-05-07

3. Aggregating Local Preferences to Guide Marginal Policy Adjustments.

Authors: Daniel J Benjamin; Ori Heffetz; Miles S Kimball; Nichole Szembrot
Journal: Am Econ Rev Date: 2013-05

4. Self-reported wellbeing indicators are a valuable complement to traditional economic indicators but are not yet ready to compete with them.

Authors: Dan Benjamin; Kristen Cooper; Ori Heffetz; Miles Kimball
Journal: Behav Public Policy Date: 2020-01-23

Can Marginal Rates of Substitution Be Inferred From Happiness Data? Evidence from Residency Choices.

1. Value seeking and prediction-decision inconsistency: why don't people take what they predict they'll like the most?

2. High income improves evaluation of life but not emotional well-being.

3. Monetary valuation of informal care: the well-being valuation method.

4. Hedonomics: Bridging Decision Research With Happiness Research.

5. Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference.

6. The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design.

7. What Do You Think Would Make You Happier? What Do You Think You Would Choose?().

8. Neighborhood effects on the long-term well-being of low-income adults.

9. Location, location, location: the misprediction of satisfaction in housing lotteries.

10. Can Marginal Rates of Substitution Be Inferred From Happiness Data? Evidence from Residency Choices.

1. Creative Destruction and Subjective Well-Being.

2. COGNITIVE ECONOMICS.

3. Aggregating Local Preferences to Guide Marginal Policy Adjustments.

4. Self-reported wellbeing indicators are a valuable complement to traditional economic indicators but are not yet ready to compete with them.

5. Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference.

6. The scientific value of numerical measures of human feelings.

7. Evaluative and hedonic wellbeing among those with and without children at home.

8. The Asymmetric Experience of Positive and Negative Economic Growth: Global Evidence Using Subjective Well-Being Data.

9. What do self-reports of wellbeing say about life-cycle theory and policy?

10. Can Marginal Rates of Substitution Be Inferred From Happiness Data? Evidence from Residency Choices.