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International Journal of Epidemiology 2002;31:1144-1146
© International Epidemiological Association 2002

Special Theme: Psychosocial

Commentary: The units of utility

Ruut Veenhoven

Erasmus University Rotterdam, Faculty of Social Sciences, POB 1738 3000DR Rotterdam, The Netherlands. E-mail: veenhoven@fsw.eur.nl

The first 150 words of the full text of this article appear below.

When making choices we compare the expected utility of alternatives, at least when we try to choose rationally. Comparison is easier when the utility of different things can be expressed in a common unit. Economists use monetary value for this purpose. This unit is quite helpful for comparing goods and services that have a market price, such as houses and bicycles. It is less helpful in assessing the relative value of things like fresh air and true love, since these matters are not traded for money. For this reason economists sometimes try to estimate ‘shadow prices’. This is of course a tricky business. Estimates are easily influenced by ideological preconceptions and like ‘shadow cabinets’ in British politics, proposed shadow prices often serve only to promulgate propaganda.

In this context Clark and Oswald1 propose estimating shadow prices on the basis of observed effects on happiness. This idea has been advanced in . . . [Full Text of this Article]

Merits

Limitations

Measure of happiness
Capturing change in happiness
Comparability across time and culture
Alternative: expressing utility in happy life-years


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