This chapter completes the core of the Scitovsky’s approach as set out in Chapters 3 and 4. It thus has a similar structure, that is, a section of verbal analysis conducted on Scitovsky’s texts (Section 5.2), a section that formalises the analysis into a model linked to the models of the previous chapters (Section 5.3), and a section that illustrates the empirical relevance of the problem (Section 5.4).