In this paper, we show that incorporating the relational dimension into an otherwise standard OLG model and focusing on dynamic leisure externalities leads to dramatically different predictions. Here we show that when the old perceive private and relational consumption as substitutable goods, a...

In this paper, we show that incorporating the relational dimension into an otherwise standard OLG model and focusing on dynamic leisure externalities leads to dramatically different predictions. Here, we show that when the old perceive private and relational consumption as substitutable goods, a...

In this paper, we show that incorporating the relational dimension into an otherwise standard OLG model and focusing on dynamic leisure externalities leads to dramatically different predictions. Here we show that when the old perceive private and relational consumption as substitutable goods, a...

This paper aims to establish systematic relationships between the two rapidly growing research streams on the socio-economic determinants of happiness and health. Although they have been pursued quite independently by different communities of researchers, empirical evidence points to very...

Tibor Scitovsky has struggled over the years to give us a precise definition of "quality", but it has generally been related to "joy" in consumption. His book THE JOYLESS ECONOMY (1976), remains a major critique of modern and especially economic values. Based on "Happiness Paradox", in this...