There’s an old joke - um… two elderly women are at a Catskill mountain resort, and one of them says, “Boy, the food at this place is really terrible.” The other one says, “Yeah, I know; and such small portions.” Well, that’s essentially how I feel about life.
Ask a social scientist about the keys to happiness and you’re likely to hear that it’s better to buy experiences than buy possessions. What you’re unlikely to hear is a good explanation for why experiences make people happier.
Two Cornell psychologists, Emily Rosenzweig and Thomas Gilovich, attempted to answer this question by examining regret rather than satisfaction in the aftermath of a purchase. They theorized that with material purchases the strongest regret stems from action (i.e. buying the wrong thing), whereas with experiential purchases the strongest regret comes from inaction (not having the experience.) The result is that those who make a purchase are more likely to feel regret when buying a material good, and therefore buying a material good leads to comparatively less happiness.
photo { Erwin Olaf }
