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SSRN Electronic Journal, 2000
One of the determinants that most happiness economists concentrate on is income. There are not ma... more One of the determinants that most happiness economists concentrate on is income. There are not many of prior research studies on the linkages between consumption and subjective well-being (SWB). The objective of this paper is to review and to bridge a gap in the literature on the relationship between consumption and an individual's SWB. It is commonly accepted that consumption increases an individual's well-being. However, does consumption really increase an individual's subjective well-being (SWB)? It focuses on papers that have been published in international journals since 1990 both in the area of economics and psychology. This paper also discusses the reasons why consumption is selected as a proxy, instead of income. Consumption in this paper specifically emphasizes on material goods and experiential goods. There are some interesting findings. Material goods deliver comfort which is temporary and fades with time. It only increases SWB in the short term. An individual adapts to the gain from material goods through time. On the other hand, experiential goods deliver pleasure. Experiential goods provide more SWB than material goods because of three reasons. The first reason is that experiences are less likely to disadvantageous comparisons, or social comparison. The second reason is that experiential goods are less possible to adapt through time. The final reason is that experiential goods are more likely to continually fascinate and provide satisfaction. As a result, it is suggested that an individual should spend money on experiential goods rather than material goods.
The study was conducted for the following three objectives : 1) to measure the level of social ca... more The study was conducted for the following three objectives : 1) to measure the level of social capital; 2) to find out the level of happiness and ; 3) to identify the relationship between the social capital and the happiness of the people in Tambon Srisathong, Amphoe Nakhonchaisri Nakhonpathom Province.
SSRN Electronic Journal, 2000
One of the determinants that most happiness economists concentrate on is income. There are not ma... more One of the determinants that most happiness economists concentrate on is income. There are not many of prior research studies on the linkages between consumption and subjective well-being (SWB). The objective of this paper is to review and to bridge a gap in the literature on the relationship between consumption and an individual's SWB. It is commonly accepted that consumption increases an individual's well-being. However, does consumption really increase an individual's subjective well-being (SWB)? It focuses on papers that have been published in international journals since 1990 both in the area of economics and psychology. This paper also discusses the reasons why consumption is selected as a proxy, instead of income. Consumption in this paper specifically emphasizes on material goods and experiential goods. There are some interesting findings. Material goods deliver comfort which is temporary and fades with time. It only increases SWB in the short term. An individual adapts to the gain from material goods through time. On the other hand, experiential goods deliver pleasure. Experiential goods provide more SWB than material goods because of three reasons. The first reason is that experiences are less likely to disadvantageous comparisons, or social comparison. The second reason is that experiential goods are less possible to adapt through time. The final reason is that experiential goods are more likely to continually fascinate and provide satisfaction. As a result, it is suggested that an individual should spend money on experiential goods rather than material goods.
The study was conducted for the following three objectives : 1) to measure the level of social ca... more The study was conducted for the following three objectives : 1) to measure the level of social capital; 2) to find out the level of happiness and ; 3) to identify the relationship between the social capital and the happiness of the people in Tambon Srisathong, Amphoe Nakhonchaisri Nakhonpathom Province.