Income and Happiness: Towards a Unified Theory
提出一个统一理论，解释收入与幸福的关系：初期收入增加带来更多幸福，但随生命周期，期望随收入增长，削弱了收入对幸福的正向影响，导致人们基于错误预期做出选择。
Material aspirations are initially fairly similar among income groups; consequently more income brings greater happiness. Over the life cycle, however, aspirations grow along with income, and undercut the favourable effect of income growth on happiness, although the cross‐sectional happiness‐income difference persists. People think they were less happy in the past and will be happier in the future, because they project current aspirations to be the same throughout the life cycle, while income grows. But since aspirations actually grow along with income, experienced happiness is systematically different from projected happiness. Consequently, choices turn out to be based on false expectations.