Suppose that what makes a person happy is when their fortunes exceed expectations by a discrete amount (and that falling short of expectations is what makes you unhappy.) Then simply because of convergence of expectations:
- People will have few really happy phases in their lives.
- Indeed even if you lived forever you would have only finitely many spells of happiness.
- Most of the happy moments will come when you are young.
- Happiness will be short-lived.
- The biggest cross-sectional variance in happiness will be among the young.
- When expectations adjust to the rate at which your fortunes improve, chasing further happiness requires improving your fortunes at an accelerating rate.
- If life expectancy is increasing and we simply extrapolate expectations into later stages of life we are likely to be increasingly depressed when we are old.
- There could easily be an inverse relationship between intelligence and happiness.