Increasing consumer well-being: risk as potential driver of happiness

Ayadi, Nawel; Paraschiv, Corina; Vernette, Éric

doi:10.1080/00036846.2017.1282142

Cited by 22 publications

(17 citation statements)

References 68 publications

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“…Literature empirically established a positive association between risk and individual well-being; the more risky the ventures, the merrier is consumer well-being [147]. The subjective concept of happiness, in contrast with the objective concept, is influenced significantly by physical facilities [148].…”

Section: Physical Facilitiesmentioning

confidence: 99%

Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness

Jain

Sharma

Mahendru³

2019

Sustainability

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Human beings want to live in a state of happiness and prosperity, but happiness is important not just for the well-being of individuals but for the well-being of society. To ensure the maximization of happiness, it is necessary to consider more than just money, and rather include the right understanding of happiness at the individual level, the family level, the society level, and the environmental (nature) level. This paper contributes to the existing body of knowledge by consolidating the findings of the literature; grouping those into major themes and sub-themes; describing the mechanisms based on the empirical papers by highlighting the independent, dependent, control, and moderating variables, to study the causal relationships between variables under study; proposing an agenda for future research; and informing the policymakers about decisions influencing the human happiness level through legislative rules and regulations. Our results suggest prioritizing the conceptualization of happiness while computing the happiness level at the individual or collective levels. Furthermore, the study recommends governments to establish the conditions enabling individuals to report happiness independently from the political pressure to answer strategically for impressive happiness level figures at the macro level.

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Section: Physical Facilitiesmentioning

confidence: 99%

Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness

Jain

Sharma

Mahendru³

2019

Sustainability

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“…This is known as the "experiential recommendation": Happiness from experiences (vs. material goods) is less fleeting and wanes at a slower rate, whereas even negative experiences can contribute to satisfaction as they become humorous, entertaining stories to share with others (Aaker, Rudd, & Mogilner, 2011;Carter & Gilovich, 2014;Nicolao, Irwin, & Goodman, 2009). Consumers also predict they will experience greater happiness when they partake in a quantitatively larger or more extraordinary experience, such as a parachute jump from 4,000 m versus from 700 m (Ayadi, Paraschiv, & Vernette, 2017).…”

Section: Consuming Experiences and Personal Connectionmentioning

confidence: 99%

Go big or go home: Risk seeking for experiential choices

Mittal

Kapitan

Silvera

2019

J of Consumer Behaviour

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In decision making under risk, do consumers evaluate intangible, experiential options in a choice set in the same way they evaluate tangible, material options? Prior research on prospect theory, typically using either monetary or material objects as choice options, demonstrates that consumers are risk averse for choices involving gains, with a fairly robust tendency to favor a more certain outcome even when that outcome is less desirable. The present research focuses on decision making under risk for experiential options (from movies to concert tickets to hotel stays)—identifying choices between experiential options as a realm in which prospect theory's pattern of risk aversion is weakened and sometimes reversed. Across six studies, this research demonstrates that consumers are more risk seeking for experiential choices and thus more likely to prefer more desirable options, even options that are less certain. Further, the stronger personal connection fostered by experiential (vs. material) choice options mediates risk‐seeking preferences. This work demonstrates a moderator for prospect theory and investigates the tendency toward increased risk seeking among experiential options, in this paper termed a “go big or go home” strategy. Conversely, consistent risk aversion is evidenced for choices involving material options (from clothing to accessories and furniture).

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“…One explanation may be that in some consumption contexts – for instance, extreme sports or gambling – the perception of risk is likely to be desired and represents a core component of the experience (Ayadi, 2010; Celsi et al, 1993). Lending apparent support to this view is research by Ayadi et al (2017), who provide evidence for the notion that consumers can feel happier after having practiced a highly risky situation, regardless of whether this situation led to positive, negative, or neutral consequences. Therefore, in the next study we aim to examine if the differences in the effects of autonomy and risk observed across Studies 1 and 2 can be due to the desire for risk.…”

Section: Discussionmentioning

confidence: 99%

How autonomy makes an experience pleasurable: The roles of risk perception and personal control

Lunardo

Saintives²

2019

Recherche et Applications en Marketing (English Edition)

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This research challenges the notion that autonomy is beneficial for consumers in every situation. Specifically, this research demonstrates across two experiments and one field study that autonomy can lead to pleasure only when risk is low. Importantly, these studies also identify personal control as a mechanism that explains why autonomy makes the consumption experience more or less pleasurable, depending on risk perceptions. In Study 1, we demonstrate that perceived risk moderates the effect that autonomy may have on making the experience pleasurable, with a lack of risk making autonomy increase personal control. Study 2 replicates this moderating effect of risk in a field study. To test if the effects replicate using another type of perceived risk, Study 3 manipulates social risk and replicates its moderating effect on the relationship between autonomy and personal control on the pleasure observed in Studies 1 and 2. Collectively, this research draws attention to the need to consider risk when making consumers autonomous, and it offers novel contributions to the work on consumer autonomy.

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Increasing consumer well-being: risk as potential driver of happiness

Cited by 22 publications

References 68 publications

Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness

Can I Sustain My Happiness? A Review, Critique and Research Agenda for Economics of Happiness

Go big or go home: Risk seeking for experiential choices

How autonomy makes an experience pleasurable: The roles of risk perception and personal control

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