Abstract
Based on insights from psychology, we argue that individual well-being has two incommensurable dimensions, gratification and flourishing. We provide a model in which the individual's vitality is tunneled to different goals/practices. Gratification is represented by discharge of flow, while flourishing corresponds to generated power. The two dimensions are correlated in a way that depends on the characteristics of the available goals/practices, and their relationship need not be monotonic. We also extend the model to social interaction, prove existence of an equilibrium and show the possibility of 'flourishing traps'.
| Original language | English |
|---|---|
| Article number | 20180162 |
| Journal | B.E. Journal of Theoretical Economics |
| Volume | 20 |
| Issue number | 1 |
| DOIs | |
| State | Published - 1 Jan 2020 |
Keywords
- flourishing
- flourishing trap
- flow
- gratification
- social network
All Science Journal Classification (ASJC) codes
- Economics, Econometrics and Finance(all)