In many countries, TV viewers have access to more and more TVchannels. We study whether people can cope with this and watch the amount of TVthey find optimal for themselves or whether they are prone to over-consumption. Wefind that heavy TV viewers do not benefit, but instead report lower life...

The trends and consequences of terrorist activities are often captured bycounting the number of incidents and casualties. More recently, the effects of terroristacts on various aspects of the economy have been analyzed. These costs aresurveyed and put in perspective. As economic consequences are...

Watching TV is a major human activity. Because of its immediate benefits at negligible immediatemarginal costs it is for many people tempting to view TV rather than to pursue more engaging activities.As a consequence, individuals with incomplete control over, and foresight into, their...

A crucial aspect of constitutional design is the provision of rules onhow a constitution is to be amended. If procedures for constitutional amendmentare very restrictive, changes will take place outside the constitution. Thesechanges are likely to be against the citizens’ interests and their...

In important situations, individual decision-making is systematically biased. Whendeciding (rather than consuming), extrinsic attributes of choice options are more salient thanintrinsic attributes. People overestimate extrinsic attributes and therefore put too much effortinto acquiring income...

This paper analyzes the causal relationships between marriage and subjective well-beingin a longitudinal data set spanning 17 years. We find evidence that happier singles opt more likelyfor marriage and that there are large differences in the benefits from marriage between couples.Potential, as...

World governance today is characterized by international organizationslacking democratic legitimacy and control by the citizens they claim to represent. Theyare also criticized for being inefficient. This leads to violent protests and to NGOs havinggreat influence. To address these problems, we...

People not only obtain utility from actual outcomes but also from the conditionswhich lead to these outcomes. The paper proposes an economic concept of this notion ofprocedural utility. Preferences beyond outcome can be manifold. We distinguish proceduralutility people get from institutions as...

This paper intends to provide an evaluation of where the economic research onhappiness stands and in which interesting directions it might develop...

People behave pro-socially in a wide variety of situations that standard economic theory is unable to explain. Social comparison is one explanation for such pro-social behavior: people contributeif others contribute or cooperate as well....