Pugno, Maurizio - Institut für Weltwirtschaft (IfW) - 2013
By revisiting Scitovsky's work on well-being, which introduces 'novelty' into the consumer's option set as a peculiar … lines on inquiry. First, similarly to behavioural economics, Scitovsky used psychology to interpret sub-optimal choices …. However, his welfare benchmark is different from rational choice, as understood by the economists, because 'novelty' implies a …