  This paper presents a semi-quantitative mathematical model of the changes
over time in the statistical distribution of well-being of individuals in a
society. The model predicts that when individuals overvalue the more socially
conspicuous aspects of well-being in their lifestyle choices, then the average
well-being of the overall population may experience continuous decline. In
addition to trade-off cost and overvaluation, we identify statistical variation
in individuals' well-being and turnover within the population as key factors
driving negative trends. We investigate the influence of the effects of
heterogeneity in the population, as well as economic and/or technological
progress.
