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    Can you buy happiness? Behavioral economics of well-being
    (Maltepe Üniversitesi, 2019) Ostaszewski, Franciszek; Bialaszek, Wojciech
    Different factors can affect one’s subjective value of a choice outcome – such process when an increase of one factor decreases the subjective value of the reward is called discounting. Within the discounting framework there are four established factors: time, risk, effort and social one. But what is common in a case of these four discounting types is that all the choices people make are leading to maximizing happiness or minimizing negativity. Therefore, making choices leads to highest subjective wellbeing possible. We conducted this study to test whether wellbeing can function as a novel discounting factor. Within the discounting framework using a within- subject design we investigated how people discount rewards of different magnitudes, where their choice is linked to a decrease in wellbeing. To analyze the results, we performed set of analyses based on within-subject comparisons and fitting of nonlinear regression discounting models. We found a magnitude effect i.e. that bigger rewards were discounted slower than small rewards, similarly as in delay or effort discounting. Moreover, we observed that discounting by wellbeing is well described by the hyperbolic or exponential discounting functions, so with the same mathematical models as in the classical approach within discounting framework. Our study is one of the first to show that happiness understood in terms of wellbeing is actually something that can be priced as people were willing to sacrifice proportionally more of their wellbeing for larger rewards.