Well-Being and the Price Tag of Relationships

Abstract

The literature on happiness abounds with evidence suggesting that good social relations are essential for ones happiness and that happier individuals are more socially oriented. However, there is a dearth of research on peoples valuations of such relational experiences. The present study investigates the relationship between happiness and the value ascribed to interpersonal and social experiences. In Study 1, participants (Korean undergraduate students) indicated the amount of money they would have to receive in order to forego a variety of relational events. Results indicated that happier individuals placed a higher price-tag on the experiences. Study 2 was conducted to rule out alternative explanations and to examine the generalizability of the results found in Study 1. Participants (American adults) attached a monetary value to various activities, which were either framed as being done alone (solitary activity condition) or with a friend (relational activity condition). Happiness positively predicted the valuations in the relational activity condition, but not in the solitary activity condition, suggesting that this happiness-valuation link is due to happier individuals higher appraisals of the relational aspect of activities rather than engagement in activities per se. Moreover, this result was found with an American adult sample, which lends preliminary support for the generalizability of the findings to both student and adult populations, in East Asian and Western cultures. In Study 3, participants reported what they had done and with whom during the previous day, and the amount of time spent with others was found to be positively associated with happiness. Implications for well-being are discussed.