A General Model of Subjective Value and Stimulus-Intensity-Sensitive Hedonic Editing Strategy

• Published in: Journal of happiness studies Vol. 24; no. 3; pp. 1191 - 1217
• Main Authors: Cui, Haijiao, Cao, Bin, Li, Aimei, Li, Zhaohui
• Format: Journal Article
• Language: English
• Published: Dordrecht Springer Netherlands 01.03.2023; Springer Nature B.V
• Subjects: Decision making; Economics; Editing; Expected utility; Expected values; Happiness; Personality and Social Psychology; Philosophy; Positive Psychology; Quality of Life Research; Research Paper; Researcher subject relations; Social Sciences; Strategies; Theory; Transaction utility theory; Prospect theory; Reference point; Hedonic editing; Subjective value
• ISSN: 1389-4978; 1573-7780
• DOI: 10.1007/s10902-023-00635-5

Subjective value is foundational to decision-making processes and people's sense of happiness. To better represent decision-makers' psychological characteristics when subjective value is formed, we establish an attention-and-reference-dependent subjective value model by simultaneously considering the absolute subjective value, relative subjective value, and attention distribution. Our model provides researchers with a theoretical tool for explaining, predicting, and adjusting decision behaviors. Additionally, to maximize the total experienced subjective value brought by multiple events, we compare hedonic editing strategies and demonstrate that the optimal hedonic editing strategy is sensitive to the stimulus intensity. This stimulus-intensity-sensitive strategy is contrary to the hedonic editing strategy inferred from the prospect theory value function when stimulus intensity is relatively small. The results of this study enrich transaction utility theory and expectation-disconfirmation theory and can guide decision-makers in enhancing happiness by rationally dealing with gains and losses.