TY  - RPRT
        AU  - Graham, Liam
AU  - Oswald, Andrew J.
        TI  - Hedonic Capital
        PY  - 2006/Apr/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 2079
        UR  - https://www.iza.org/index.php/publications/dp2079
        AB  - 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 life-shocks are smoothed by the drawing down of hedonic capital. The model fits the patterns found in the empirical literature: the existence of a stable level of wellbeing and a tendency to return gradually towards that level. It offers a theory of hedonic adaptation.
        KW  - adaptation
KW  - wellbeing
KW  - evolution
KW  - happiness
KW  - habituation
        ER  -