Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be "wasteful" in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This...

The literature on happiness shows that there are many factors that influence a person s happiness. Extending previous studies, we investigate the role of the freedom of choice as a key contributing construct in influencing a person s happiness. We define two hypothetical sub-constructs for the...