Why don't today's gasoline prices bother Americans as much as they did when prices were just as high, but on the ascent, in 2008? Research by Casey Boyd-Swan and Chris M. Herbst of Arizona State University shows that subjective well-being deteriorates when gasoline prices rise, but almost fully rebounds
1 year later and changes very little in each additional year subsequent to an increase. The effect of rising gasoline prices on well-being, which applies even to nondrivers, may stem from people's tendency to interpret movements in gasoline prices as indicative of macroeconomic conditions, the researchers suggest.
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