Getting used to it The adaptive global utility model

被引:27
作者
Bradford, W. David [2 ]
Dolan, Paul [1 ]
机构
[1] London Sch Econ, Dept Social Policy, London, England
[2] Univ Georgia, Dept Publ Adm & Policy, Athens, GA 30602 USA
关键词
Utility maximization; Adaptation; Behavioral economics; SET-POINT; ADAPTATION; DISABILITY;
D O I
10.1016/j.jhealeco.2010.07.007
中图分类号
F [经济];
学科分类号
020101 [政治经济学];
摘要
This paper expands the standard model of utility maximization to endogenize the ubiquitous phenomenon of adaptation We assume that total utility is an aggregate function of the utility associated with different domains of life with relative weights that are optimized according to the effort that the individual expends on producing utility in each domain Comparative statics from the general maximization problem demonstrate that the traditional Slutsky equation should incorporate an additional response term to account for adaptation processes Our adaptive global utility maximization model can be used to explain responses to changes in health (C) 2010 Elsevier B V All rights reserved
引用
收藏
页码:811 / 820
页数:10
相关论文
共 40 条
[1]
Abelson R. P., 1988, CONT SCI NATURAL EXP, P175
[2]
[Anonymous], 1999, HEDONIC PSYCHOL SCI
[3]
[Anonymous], 1974, DRY TECHNOL
[4]
SOME TESTS OF SPECIFICATION FOR PANEL DATA - MONTE-CARLO EVIDENCE AND AN APPLICATION TO EMPLOYMENT EQUATIONS [J].
ARELLANO, M ;
BOND, S .
REVIEW OF ECONOMIC STUDIES, 1991, 58 (02) :277-297
[5]
The endogenous determination of time preference [J].
Becker, GS ;
Mulligan, CB .
QUARTERLY JOURNAL OF ECONOMICS, 1997, 112 (03) :729-758
[6]
A THEORY OF CONFORMITY [J].
BERNHEIM, BD .
JOURNAL OF POLITICAL ECONOMY, 1994, 102 (05) :841-877
[7]
Do people mean what they say? Implications for subjective survey data [J].
Bertrand, M ;
Mullainathan, S .
AMERICAN ECONOMIC REVIEW, 2001, 91 (02) :67-72
[8]
BURKE MA, 2010, HDB SOCIAL IN PRESS
[9]
Lags and leads in life satisfaction: A test of the baseline hypothesis [J].
Clark, Andrew E. ;
Diener, Ed ;
Georgellis, Yannis ;
Lucas, Richard E. .
ECONOMIC JOURNAL, 2008, 118 (529) :F222-F243
[10]
THE EFFECT OF PAST-INJURY ON PAIN THRESHOLD AND TOLERANCE [J].
DAR, R ;
ARIELY, D ;
FRENK, H .
PAIN, 1995, 60 (02) :189-193