The Scientific Study of Wants and Well-Being
FYSEMR 73R
Subject & Catalog Number
Course Information
Description
This seminar explores what existing research tells us about the determinants of well-being, how they relate to the choices that people make, and how researchers (especially economists) go about quantifying wants and well-being in a way that permits them to study the effects of different institutions (such as markets) on well-being. The seminar will begin with a presentation of the most basic approach within economics: Attempting to capture the notion of rational pursuit of our own well-being (or other goals people may have), economists translate the study of people into mathematical analysis by developing the notion of a utility function.
But the seminar will place special emphasis on what psychology teaches us about (1) what human goals and concerns are missing from the textbook economics account of goals, and how to add them, and (2) about the important biases and failures humans make in pursuing our wants. We’ll explore which psychological biases seem to matter for economic and social outcomes, and how these improvements can also be translated into the mathematical language used in economics.
Class Notes
First-Year Seminars are available only to first-year students. You may apply to both Fall 2026 and Spring 2027 First-Year Seminars via the FYS lottery between July 6 and August 6, 2026 at 11:59PM-midnight.
You may apply to as many seminars each term as you would like, but we recommend you apply to at least six in fall and three in spring.
As part of your application, you must provide a brief statement on why you are interested in each seminar. You will be notified of lottery results for both fall and spring seminars at 5 pm on August 11. If you are unsuccessful in the lottery, you may still join any seminar with open seats. A list of open seminars and instructions on next steps will be available on the First-Year Seminar Program website August 11 at 12 Noon.
Not Available for Cross Registration
