Slumdog Millionaire: money and happiness beyond movies

Alejandro López-Rousseau and Cristián Cortés

International Journal of Happiness and Development, 2014, vol. 1, issue 4, 384-392

Abstract: This study answers the question for whom, how, and why money would predictively and reportedly buy happiness. Financial novices and experts were asked whether an increasing, constant, or decreasing payments plan of a one million dollars prize would make them happier. They were also asked why, and what would they spend the money on. The findings suggest that money would buy happiness in constant payments for novices vis-à-vis their mental accounting of a better distribution of money and/or management of expenses, and in decreasing payments for experts vis-à-vis their financial accounting of the better present value of money and future return of investments.

Keywords: buying happiness; money; financial novices; financial experts; mental accounting; financial accounting; money distribution; present value; expense management; return on investment; ROI. (search for similar items in EconPapers)
Date: 2014
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