Thank you, this was a very interesting read! While I didn’t have time to think through all of it, the idea of adjusting the impact of salaries and profits by bands that are income-adjusted seems intuitively right. If I can choose a job with the same salary in the same industry where one employer mainly sells to people with lower income while the other sells to people with higher income, I should have a higher WELLBY impact at first.
As a side anecdote: When I was selling the consumer product of my company at a market stand, the customers who told me they had been saving up for their $100 purchase seemed much more excited about the product and seemed to be more loyal fans. Given that they were spending a larger share of their income on the product, it seems reasonable to assume that they valued the product more on average and attributed a larger WELLBY share to it.
Thanks for taking the time to share this great anecdote. Exactly what this framework would predict. If any more thoughts come up as you think through it, I’d be curious!
Thank you, this was a very interesting read! While I didn’t have time to think through all of it, the idea of adjusting the impact of salaries and profits by bands that are income-adjusted seems intuitively right. If I can choose a job with the same salary in the same industry where one employer mainly sells to people with lower income while the other sells to people with higher income, I should have a higher WELLBY impact at first.
As a side anecdote: When I was selling the consumer product of my company at a market stand, the customers who told me they had been saving up for their $100 purchase seemed much more excited about the product and seemed to be more loyal fans. Given that they were spending a larger share of their income on the product, it seems reasonable to assume that they valued the product more on average and attributed a larger WELLBY share to it.
Thanks for taking the time to share this great anecdote. Exactly what this framework would predict. If any more thoughts come up as you think through it, I’d be curious!