Experienced well-being is the quality of moments: how you feel as time passes. It is different from life evaluation, which is a judgment made by memory.
Attention plays a central role. What you focus on becomes emotionally prominent. This is why context can dominate reports of happiness, even when it does not dominate lived time.
The focusing illusion is simple and seductive: when you think about one factor, you exaggerate its importance. Many things matter less in experience than they matter in reflection.
Measuring well-being therefore depends on what you ask and when you ask it. The fast system reports feeling; the slow system reports evaluation, with its narrative filters.
If you want clarity, separate “How do I feel today?” from “How is my life going?” They are related, but they are not the same kind of answer.