WASHINGTON, USA, June 30, 2006: The well-used adage 'Money can't buy
happiness' has been objectified in a study completed by Princeton
professors, economist Alan B. Krueger and psychologist and Nobel
laureate Daniel Kahneman, as well as colleagues from three other
universities. The news release explains, "The researchers developed a
tool to measure people's quality of daily life known as the Day
Reconstruction Method (DRM), which creates an 'enjoyment scale' by
requiring people to record the previous day's activities in a short
diary form and describe their feelings about the experiences. For the
new study, the researchers examined data from a 2004 survey, which
surveyed 909 employed women in Texas. The researchers found that role
of income is less significant than predicted, and that people with
higher incomes do not necessarily spend more time in more enjoyable
ways. "

The researchers reached the following conclusions, "The belief that
high income is associated with good mood is widespread but mostly
illusory. People with above-average income are relatively satisfied
with their lives but are barely happier than others in
moment-to-moment experience, tend to be more tense, and do not spend
more time in particularly enjoyable activities. Despite the weak
relationship between income and global life satisfaction or
experienced happiness, many people are highly motivated to increase
their income. In some cases, this focusing illusion may lead to a
misallocation of time, from accepting lengthy commutes (which are
among the worst moments of the day) to sacrificing time spent
socializing (which are among the best moments of the day)."

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