Title: Slumdog Millionaire: money and happiness beyond movies

Authors: Alejandro López-Rousseau; Cristián Cortés

Addresses: Freelance Research & Consulting, Amor de Dios 4, 28014 Madrid, Spain ' Escuela de Psicología, Pontificia Universidad Católica, Vicuña Mackenna 4860, Santiago, Chile

Abstract: This study answers the question for whom, how, and why money would predictively and reportedly buy happiness. Financial novices and experts were asked whether an increasing, constant, or decreasing payments plan of a one million dollars prize would make them happier. They were also asked why, and what would they spend the money on. The findings suggest that money would buy happiness in constant payments for novices vis-à-vis their mental accounting of a better distribution of money and/or management of expenses, and in decreasing payments for experts vis-à-vis their financial accounting of the better present value of money and future return of investments.

Keywords: buying happiness; money; financial novices; financial experts; mental accounting; financial accounting; money distribution; present value; expense management; return on investment; ROI.

DOI: 10.1504/IJHD.2014.066134

International Journal of Happiness and Development, 2014 Vol.1 No.4, pp.384 - 392

Received: 14 Sep 2013
Accepted: 16 Jan 2014

Published online: 13 Dec 2014 *

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