Hedonics in Consumer Behavior

Abstract

To maximize happiness, one could either improve desired external outcomes (e.g., wealth) or optimize the relationship between desired external outcome and happiness without improving the outcome per se. Economics focuses on the first method. The present chapter advocates a science about the second method, which we term hedonomics. With its objective to help individuals, including consumers and policymakers, make decisions that maximize their happiness with external outcomes, hedonomics focuses on the relationships (a) between external outcomes and happiness, and (b) between decision and happiness.

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