Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/282845 
Year of Publication: 
2024
Series/Report no.: 
IZA Discussion Papers No. 16718
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
A growing literature in economics uses subjective well-being data collected in surveys as a proxy for utility. Environmental economists have combined these data with the public goods experienced by respondents using a novel non-market valuation approach: the experienced preference approach. In this review, we take stock of what we know, including recent developments, and what we still need to learn about this new approach. We first present a conceptual framework that clarifies the relationship between experienced preference and conventional valuation approaches. We then discuss key challenges for its empirical application and identify areas where additional research would be fruitful.
Subjects: 
subjective well-being
life-satisfaction
happiness
experienced utility
non-market valuation
willingness to pay
public goods
JEL: 
Q51
I31
H41
Document Type: 
Working Paper

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