Work

Quantifying the Value of Emotions Using a Willingness to Pay Approach

Year: 2012

Type: article

Abstract: People 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.

Source: Journal of Happiness Studies

DOI: 10.1007/s10902-012-9394-7

Authors: Hi Po Bobo Lau, Mathew P. White, Simone Schnall

Institutions: University of Hong Kong, University of Exeter, Royal Cornwall Hospital, University of Cambridge

Language: English

Topic: Psychological Well-being and Life Satisfaction

Subfield: Social Psychology

Field: Psychology

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $3,490

Funders: Economic and Social Research Council, European Regional Development Fund, European Social Fund