Introductory description

This is an elective module available for WBS and non-WBS students. To find detailed availability and to apply for this module, log in to my.wbs.ac.uk using your normal IT login details and apply via the my.wbs module application system. Once you’ve secured a place on my.wbs you should apply via your home department’s usual process, which usually takes place via eVision. Note that you do not require the module leader’s permission to study a WBS module, so please do not contact them to request it.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

The module aims to provide an overview of the main theories and empirical studies in well-being (or happiness economics). Key topics will include:

1. What is the economics of well-being?
2. Money and happiness
3. The micro- and macro-economics determinants of well-being
4. Social comparison and hedonic adaptation
5. Job satisfaction and its determinants
6. Well-being valuation method
7. Well-being over the life-course
8. Affective forecasting
9. Influences of emotions on decision-making
10. Well-being and public policy

Learning outcomes

By the end of the module, students should be able to:

• Articulate and apply the key concepts in the economics of well-being.
• Understand the importance of well-being as one of the key policy targets, and gain insights into how well-being is measured in the field.
• Understand how well-being is typically measured, how happiness is relative and adaptable, how people are typically very bad at predicting their emotional reactions in the future, and how to apply these empirical findings in practically relevant business and government contexts.
• Critically evaluate existing business and government practices which either support or ignore people's well-being as their principal outcomes.
• Apply critical thinking, creativity, and imagination in coming up with innovative public policies or business strategies that have individual's well-being in mind.

Indicative reading list

Reading lists can be found in Talis

Subject specific skills

Evaluate and interpret empirical estimates typically reported in the economics of well-being literature.
Understand how to apply theories in the economics of well-being to their own experiences.

Transferable skills

Participate in critical discussions about why people in business and policy makers should care about well-being as an outcome, and offer new and cost-effective solutions to the current practices.