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What Do People Want?

Abstract of a paper on NBER: We elicited over a million stated preference choices over 126 dimensions or "aspects" of well-being from a sample of 3,358 respondents on Amazon's Mechanical Turk (MTurk). Our surveys also collected self-reported well-being (SWB) questions about respondents' current levels of the aspects of well-being. From the stated preference data, we estimate relative log marginal utilities per point on our 0-100 response scale for each aspect. We validate these estimates by comparing them to alternative methods for estimating preferences. Our findings provide empirical evidence that both complements and challenges philosophical perspectives on human desires and values. Our results support Aristotelian notions of eudaimonia through family relationships and Maslow's emphasis on basic security needs, yet also suggest that contemporary theories of well-being may overemphasize abstract concepts such as happiness and life satisfaction, while undervaluing concrete aspects such as family well-being, financial security, and health, that respondents place the highest marginal utilities on. We document substantial heterogeneity in preferences across respondents within (but not between) demographic groups, with current SWB levels explaining a significant portion of the variation.

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Europe Warns Giant E-tailer To Stop Cheating Consumers or Face Its Wrath

The European Commission warned Chinese e-tailer SHEIN on Monday that it must address multiple consumer law violations or face fines across EU member states. Regulators found SHEIN's website displayed fake discounts not based on actual prior prices, used pressure-selling tactics with false purchase deadlines, provided misleading information about consumer return rights, made deceptive sustainability claims, and hid contact details from customers. SHEIN has one month to respond to the findings and propose corrective measures, adding regulatory pressure to a company already facing US tariff challenges despite generating an estimated $38 billion in revenue last year.

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