Measuring personal satisfaction under varying economic conditions

Abstract

This study was designed to develop a methodology for measuring economic satisfaction and showing how individuals form intuitive impressions of economic satisfaction. Hypothetical economic situations were created by factorially manipulating salary level, raise, and inflation rate. Subjects rated each situation on an impersonal scale of financial well-being for a person in that situation and on a scale of personal satisfaction. Responses differed on the two scales. Ratings of personal satisfaction were lower than ratings of financial well-being, showing that individuals set higher standards for personal satisfaction. The factors of raise and inflation rate each played a more important role in rating personal satisfaction than in rating financial well-being, snowing that these variables have special personal significance. The special significance of these factors is discussed. © 1980, The psychonomic soceity, inc.. All rights reserved.