The few pages that Adam Smith devoted to lotteries, mainly in the Wealth of Nations (1776) did not receive much attention. They nonetheless constituted an opportunity to introduce a sophisticated analysis of individual decision under risk. Through various examples, Smith pointed out a...

Some commentators have tried to link Smith's analysis with fundamental results in economics of happiness. These contributions mainly focus on the influence of wealth on happiness (Ashraf <italic>et al</italic>. 2005; Bruni 2006; Brewer 2009). However, this connection is far from covering Smith's considerations about...

<title>Abstract</title> Like many authors of his time, Smith assumes a greater sensitivity to adverse than to prosperous events. Though neglected by commentators, with the exception of Ashraf <italic>et al</italic>. (2005), the influence that he attaches to prosperity and adversity on happiness deserves special attention,...