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Article: Quantifying the Value of Emotions Using a Willingness to Pay Approach

TitleQuantifying the Value of Emotions Using a Willingness to Pay Approach
Authors
KeywordsSubjective well-being
Emotion
Affect
Willingness to pay
Culture
Issue Date2013
PublisherSpringer Verlag Dordrecht. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1389-4978
Citation
Journal of Happiness Studies, 2013, v. 14 n. 5, p. 1543-1561 How to Cite?
AbstractPeople generally seek out positive moods and avoid negative moods; however, it is unclear which motivation is more pronounced. Two studies addressed this issue by developing a value-based ranking of emotions based on the willingness to pay (WTP) approach. The approach utilizes money’s cardinal properties and assumes opportunity costs as with everyday purchases. In Study 1 British participants indicated they would be willing to pay more to experience positive than to avoid negative emotions. In Study 2 this positivity bias was replicated with another sample of British participants. However, Hong Kong Chinese participants did not show such a preference, and were willing to pay significantly less to experience positive emotions but more to avoid negative emotions when compared with British participants. Experiencing Love was given the highest WTP judgment in all samples. Thus, some emotions are universally valued, whereas preferences for others differ across cultural groups, perhaps shaped by norms. Implications concerning valuations of psychological states for policy purposes are discussed.
Persistent Identifierhttp://hdl.handle.net/10722/213503
ISSN
2015 Impact Factor: 1.846
2015 SCImago Journal Rankings: 0.881
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLau, HP-
dc.contributor.authorWhite, MP-
dc.contributor.authorSchnall, S-
dc.date.accessioned2015-08-03T06:48:13Z-
dc.date.available2015-08-03T06:48:13Z-
dc.date.issued2013-
dc.identifier.citationJournal of Happiness Studies, 2013, v. 14 n. 5, p. 1543-1561-
dc.identifier.issn1389-4978-
dc.identifier.urihttp://hdl.handle.net/10722/213503-
dc.description.abstractPeople generally seek out positive moods and avoid negative moods; however, it is unclear which motivation is more pronounced. Two studies addressed this issue by developing a value-based ranking of emotions based on the willingness to pay (WTP) approach. The approach utilizes money’s cardinal properties and assumes opportunity costs as with everyday purchases. In Study 1 British participants indicated they would be willing to pay more to experience positive than to avoid negative emotions. In Study 2 this positivity bias was replicated with another sample of British participants. However, Hong Kong Chinese participants did not show such a preference, and were willing to pay significantly less to experience positive emotions but more to avoid negative emotions when compared with British participants. Experiencing Love was given the highest WTP judgment in all samples. Thus, some emotions are universally valued, whereas preferences for others differ across cultural groups, perhaps shaped by norms. Implications concerning valuations of psychological states for policy purposes are discussed.-
dc.languageeng-
dc.publisherSpringer Verlag Dordrecht. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1389-4978-
dc.relation.ispartofJournal of Happiness Studies-
dc.rightsThe final publication is available at Springer via http://dx.doi.org/[insert DOI]-
dc.subjectSubjective well-being-
dc.subjectEmotion-
dc.subjectAffect-
dc.subjectWillingness to pay-
dc.subjectCulture-
dc.titleQuantifying the Value of Emotions Using a Willingness to Pay Approach-
dc.typeArticle-
dc.identifier.emailLau, HP: hpbl@hku.hk-
dc.identifier.doi10.1007/s10902-012-9394-7-
dc.identifier.scopuseid_2-s2.0-84886633000-
dc.identifier.volume14-
dc.identifier.issue5-
dc.identifier.spage1543-
dc.identifier.epage1561-
dc.identifier.isiWOS:000326046000006-
dc.publisher.placeNetherlands-

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