Ideally we’d move onto measures of subjective well-being, like life satisfaction and just use them directly, but I expect data to be much harder to obtain (at least I’d guess there’s much less data now, and I expect trying to estimate the effects of various goods on life satisfaction would require large samples of subjects or experiments to detect effects). Your solution 1, using weights based on subjective well-being like you describe, seems like a good approach.
Ideally we’d move onto measures of subjective well-being, like life satisfaction and just use them directly, but I expect data to be much harder to obtain (at least I’d guess there’s much less data now, and I expect trying to estimate the effects of various goods on life satisfaction would require large samples of subjects or experiments to detect effects). Your solution 1, using weights based on subjective well-being like you describe, seems like a good approach.