On subjective well‐being and excess strategy to cope with financial‐scarcity problem

Arie Sherman, Hila Axelrad and Guy Barokas

Managerial and Decision Economics, 2024, vol. 45, issue 4, 2535-2547

Abstract: Modern economic theory asserts that consumers experiencing the scarcity problem should try to enlarge their budget. By contrast, relying on the ancient Greeks' perspective, we present a mathematical model demonstrating that higher investment in reducing material desires is positively associated with higher welfare. We present evidence from 999 participants aged 25–65 survey, showing that adopting the ancient Greek strategy for dealing with the gap between material desires and financial means is positively correlated with individuals' subjective well‐being, while adopting the modern economics strategy is not. Moreover, we show that the prudent desire management becomes less productive with age.

Date: 2024
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1002/mde.4160

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wly:mgtdec:v:45:y:2024:i:4:p:2535-2547

Access Statistics for this article

Managerial and Decision Economics is currently edited by Antony Dnes

More articles in Managerial and Decision Economics from John Wiley & Sons, Ltd.
Bibliographic data for series maintained by Wiley Content Delivery ().