A fairly thorough account of multiple discrepancies theory (MDT) is presented, with a review of its historical antecedents and an examination of its strength in accounting for the happiness (H) and satisfaction (S) of nearly 700 university undergraduates. Basically, MDT asserts that H and S are functions of perceived gaps between what one has and wants, relevant others have, the best one has had in the past, expected to have 3 years ago, expects to have after 5 years, deserves and needs. MDT explained 49% of the variance in H, 53% in global S and 50% or more in 7 out of 12 domain S scores. The domains studied were health, finances, family, job, friendships, housing, area, recreation, religion, self-esteem, transportation and education.
