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A Theory of Chosen Preferences

Author

Listed:
  • B. Douglas Bernheim
  • Luca Braghieri
  • Alejandro Martínez-Marquina
  • David Zuckerman

Abstract

We propose and develop a dynamic theory of endogenous preference formation in which people adopt worldviews that shape their judgments about their experiences. The framework highlights the role of mindset flexibility, a trait that determines the relative weights the decision-maker places on her current and anticipated worldviews when evaluating future outcomes. The theory generates rich behavioral dynamics, thereby illuminating a wide range of applications and providing potential explanations for a variety of observed phenomena.

Suggested Citation

  • B. Douglas Bernheim & Luca Braghieri & Alejandro Martínez-Marquina & David Zuckerman, 2021. "A Theory of Chosen Preferences," American Economic Review, American Economic Association, vol. 111(2), pages 720-754, February.
    • Handle: RePEc:aea:aecrev:v:111:y:2021:i:2:p:720-54
    DOI: 10.1257/aer.20190390
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    Citations

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    Cited by:

    1. Adriani, Fabrizio & Pompeo, Monika & Sonderegger, Silvia, 2022. "Gender effects in the battle of the sexes: A tale of two countries," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 165-178.
    2. Brian Jabarian & Elia Sartori, 2023. "Critical Thinking Via Storytelling: Theory and Social Media Experiment," Papers 2303.16422, arXiv.org.
    3. Lundberg, Shelly, 2022. "Gender Economics: Dead-Ends and New Opportunities," IZA Discussion Papers 15217, Institute of Labor Economics (IZA).
    4. Niels Boissonnet & Alexis Ghersengorin & Simon Gleyze, 2022. "Revealed Deliberate Preference Change," Working Papers hal-03672734, HAL.
    5. Matthew G. Nagler, 2023. "Thoughts matter: a theory of motivated preference," Theory and Decision, Springer, vol. 94(2), pages 211-247, February.
    6. Tóbiás, Áron, 2023. "Rational Altruism," Journal of Economic Behavior & Organization, Elsevier, vol. 207(C), pages 50-80.
    7. Ella Sargsyan, 2022. "Violent Conflicts and Child Gender Preferences of Parents: Evidence from Nigeria," CERGE-EI Working Papers wp723, The Center for Economic Research and Graduate Education - Economics Institute, Prague.

    More about this item

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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