Happiness and Satisfaction Are Not Everything: Toward Well Being Indices Based on Stated Preferences
You can see more on these issues on my Happiness sub-blog, and especially these posts:
Justin Wolfers, Matthew Adler and Ori Heffetz: Round Table on Happiness (podcast)
Does Ben Bernanke Want to Replace GDP with a Happiness Index?
Al Roth’s Nobel Prize is in Economics, but Doctors Can Thank Him, Too
Edward Glaeser, Joshua Gottlieb and Oren Ziv: Maximizing Happiness Does Not Maximize Welfare