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What Do People Want?
Abstract of a paper on NBER: We elicited over a million stated preference choices over 126 dimensions or "aspects" of well-being from a sample of 3,358 respondents on Amazon's Mechanical Turk (MTurk). Our surveys also collected self-reported well-being (SWB) questions about respondents' current leve...
Abstract of a paper on NBER: We elicited over a million stated preference choices over 126 dimensions or "aspects" of well-being from a sample of 3,358 respondents on Amazon's Mechanical Turk (MTurk). Our results support Aristotelian notions of eudaimonia through family relationships and Maslow's emphasis on basic security needs, yet also suggest that contemporary theories of well-being may overemphasize abstract concepts such as happiness and life satisfaction, while undervaluing concrete aspects such as family well-being, financial security, and health, that respondents place the highest marginal utilities on. We document substantial heterogeneity in preferences across respondents within (but not between) demographic groups, with current SWB levels explaining a significant portion of the variation.
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