Articlegreen2013

Determinants of Experienced Utility: Laws and Implications

24 citations0/0 files storedDecision Analysis

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Decision-Making and Behavioral Economics Psychological Well-being and Life Satisfaction Economic and Environmental Valuation

Abstract

Satisfaction in experiencing the future depends on decisions made today. We consider six well-known psychological laws governing satisfaction. The laws capture habit formation and satiation. We show it is possible to formalize these laws by means of a utility model and to derive implications from the laws: wanting versus liking, crescendo, recharge periods, variety seeking, and craving. The discussion combines mathematical propositions, experimental findings in psychology, and time-honored wisdom. We discuss how the sixth law—projection bias—may lead to incorrect predictions of experienced utility and suboptimal life-balance choices.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 2000Bowling alone: the collapse and revival of American community 2000Bowling alone 1992Advances in prospect theory: Cumulative representation of uncertainty 2008Nudge: improving decisions about health, wealth, and happiness 1991Loss Aversion in Riskless Choice: A Reference-Dependent Model 2008Nudge: Improving Decisions About Health, Wealth and Happiness

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2015The Design of Experiential Services with Acclimation and Memory Decay: Optimal Sequence and Duration 2015An Analytical Framework for Value Co-Production in Services 2015Utility: Anticipated, Experienced, and Remembered 2021Influence of satiation on consumer behavior in hospitality 2014Customer Experience and Service Design 2024Ups and Downs in Experience Design

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