Multi-Component Theories of Well-being and Their Structure

The adjustment strategy currently seems to be the most common approach to incorporating objective elements into one's theory of well-being. These theories face a certain problem, however, which can be avoided by a different approach namely, that employed by partially objective multi-component theories. Several such theories have recently been proposed, but the question of how to understand their mathematical structure has not been adequately addressed. I argue that the most mathematically simple of these multi-component theories fails, so I proceed to investigate more sophisticated ways to formulate such a theory. I conclude that one of these the Discount/Inflation Theory is particularly promising.