This Article Full Text (PDF) References Alert me when this article is cited Alert me if a correction is posted Citation Map Services Email this article to a friend Similar articles in this journal Alert me to new issues of the journal Add to Saved Citations Download to citation manager Request Permissions Request Reprints Add to My Marked Citations Citing Articles Citing Articles via HighWire Citing Articles via Google Scholar Google Scholar Articles by Ahuvia, A. C. Articles by Friedman, D. C. Search for Related Content Social Bookmarking                   What's this?

Income, Consumption, and Subjective Well-Being: Toward a Composite Macromarketing Model

University of Michigan Business School

Douglas C. Friedman

University of Michigan Business School and University of Michigan-Dearbom School of Management

This article reviews, critiques, and integrates three psychological perspectives on the relationship between wealth and subjective well-being. First, the comparative perspective holds that life satisfaction results from a comparison of one's own financial position to that of some reference group or material norm. Second, the goal attainment perspective looks at money as a potential source of well-being by enabling people to attain goals they set. Finally, the hedonic perspective looks at how money leads to well-being by enabling people to use their time in more satisfying ways. In addition to providing a critical analysis, this article integrates these three perspectives into a single composite model. This model explains the mechanisms linking income and other material resources with the cognitive and affective elements of subjective well-being. The model also clarifies why income has only a modest relationship to subjective well-being.

CiteULike    Connotea    Del.icio.us    Digg    Reddit    Technorati    What's this?

This article has been cited by other articles:

				L. Camfield and S. M. Skevington On Subjective Well-being and Quality of Life J Health Psychol, September 1, 2008; 13(6): 764 - 775. [Abstract] [PDF]

				J. D. Mittelstaedt, W. E. Kilbourne, and R. A. Mittelstaedt Macromarketing as Agorology: Macromarketing Theory and the Study of the Agora Journal of Macromarketing, December 1, 2006; 26(2): 131 - 142. [Abstract] [PDF]

				R. A. Layton and S. Grossbart Macromarketing: Past, Present, and Possible Future Journal of Macromarketing, December 1, 2006; 26(2): 193 - 213. [Abstract] [PDF]

				R. T. Green, R. Mandhachitara, and T. Smith Macroeconomic Shock and Product Disposition in an Emerging Market Journal of Macromarketing, June 1, 2001; 21(1): 47 - 60. [Abstract] [PDF]