We develop a theoretical model that jointly explains optimal choices and happiness. We work with constant elasticity of substitution functions for utility and happiness. Employing a choice framework, individuals are confronted with two options. When there exists a trade-off, we determine...

The General Systems Theory is one of the most important points of view nowadays. Now, its concepts could be applied in a various number of sciences including Consumer Sciences. The complexity of the product, the different way in which it can be seen and also the exponentially diversifying...

We develop a dynamic stochastic equilibrium model of two locations within a city where heterogeneous households make joint location and tenure mode decisions. To investigate the effect of homeownership on equilibrium prices and allocations, we compare the response of this model economy to a...