Newsmakers

Quantifying well-being?

Professor Ori Heffetz, assistant professor of economics at Johnson, co-wrote a paper on the quantification of well-being that drew attention from the Financial Times (Sept. 20). The paper, “Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference,” proposes a theory of well-being as measurable through surveys. Hefeftz and his colleagues carried out a survey based on this theory, creating the framework for a well-being index that could be used as an indicator of national, regional, and global preferences for aspects of well-being. Heffetz and his colleagues, two of whom are Cornell economists, were recognized by the Financial Times for taking the important first step in estimating marginal utilities for various kinds of well-being. Work of this kind can allow economists to quantify various aspects of preference in a manner that can revolutionize the practice of economics, according to the article.