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1、SocChoiceWelfare
2001)18:269±28899290091Acognitivemodelofindividualwell-beingItzhakGilboa1,DavidSchmeidler21DepartmentofEconomicsandRecanatiSchoolofBusiness,TelAvivUniversity,TelAviv69978,Israel
e-mail:igilboa@post.tav.ac.il)2DepartmentofStatisticsandRecanatiSchoolofBusiness,TelAvivUniversity,TelA
2、viv,Israel,andDepartmentofEconomics,OhioStateUniversity,Ohio,OH,USA
e-mail:schmeid@tav.ac.il)Received:3April1998/Accepted:23March1999Abstract.Thispapero¨ersamodelofindividualwell-beingthattakesintoaccountcognitivefactors.Itpostulatesthatindividualscomparepayo¨stoaspirationlevels.Thelatteraredeterm
3、inedbypastexperiences
adaptation),byotherpeople'sperformance
interpersonalcomparison),aswellasbyrea-soning
justi®cationsandexcuses).Weaxiomatizeameasureofwell-beingde®nedonreal-valuedvectorsofvariouslengths.Itisalinearcombinationofdi¨erencesbetweenpayo¨sandaspirationlevels,wheretheaspirationlevela
4、teachinstanceisalinearfunctionofpastpayo¨s.1IntroductionModernmicroeconomictheoryisbehavioralinnature.Forthemostpart,itreliesontheneo-classicalutilityfunction,whichisinprinciplederivedfromobservedpreferences,forbothdescriptiveandnormativeapplications.Fur-ther,thisutilityfunctionisoftende®nedonprod
5、uctbundles,disregardingpsychologicalfactorsthatindividualsseemtorelatetoindescribingtheirwell-being.Fordescriptivepurposes,thisapproachisconsistentanditmaybetestedforempiricalvalidity.Bycontrast,itisdoubtfulthatabehaviorally-de®nedutilityfunctionissu½cientwhennormativeconsiderationsareinvolved.Wel
6、fareeconomicsultimatelydealswithcognitiveconceptssuchas``well-WewishtothankElchananBen-Porath,EvaGilboa-Schechtman,DanielKahneman,EdiKarni,DanLevin,DonaldO.Parsons,JamesPeck,AndrewPostlewaite,DrazenPrelec,PeterWakker,ananonymousreferee,andanassociateeditorfordiscussionsthatin¯uencedthiswork,aswell
7、asforcommentsandreferences.270I.Gilboa,D.Schmeidlerbeing,''``happiness,''and``satisfaction.''Theserelatetonotionssuchasaspi-rationsandneeds,contentmentanddisappointment.Theliteraturedoesnotseemtoo¨eraconvincingju