Scitovsky is known as a forerunner of behavioural economics simply because he drew heavily on psychology and claimed … that people's choices may be "joyless" (Scitovsky, The joyless economy, 1976). However, a careful reformulation of his … new lines of inquiry from an original and different perspective. These insights of Scitovsky regard the following aspects …

By revisiting Scitovsky's work on well-being, which introduces 'novelty' into the consumer's option set as a peculiar … lines on inquiry. First, similarly to behavioural economics, Scitovsky used psychology to interpret sub-optimal choices …. However, his welfare benchmark is different from rational choice, as understood by the economists, because 'novelty' implies a …