Where do preferences come from?
AbstractRational choice theory analyzes how an agent can rationally act, given his or her preferences, but says little about where those preferences come from. Instead, preferences are usually assumed to be .xed and exogenously given. We introduce a framework for conceptualizing preference formation and preference change. In our model, an agent.s preferences are based on certain .motivationally salient.properties of the alternatives over which the preferences are held. Preferences may change as new properties of the alternatives become salient or previously salient ones cease to be so. We suggest that our approach captures endogenous preferences in various contexts, and helps to illuminate the distinction between formal and substantive concepts of rationality, as well as the role of perception in rational choice.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 005.
Date of creation: 2011
Date of revision:
Contact details of provider:
Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm
Other versions of this item:
- D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
- D0 - Microeconomics - - General
- C0 - Mathematical and Quantitative Methods - - General
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-12 (All new papers)
- NEP-CBE-2011-02-12 (Cognitive & Behavioural Economics)
- NEP-EVO-2011-02-12 (Evolutionary Economics)
- NEP-GTH-2011-02-12 (Game Theory)
- NEP-HPE-2011-02-12 (History & Philosophy of Economics)
- NEP-PKE-2011-02-12 (Post Keynesian Economics)
- NEP-UPT-2011-02-12 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dietrich, Franz, 2008. "Anti-terrorism politics and the risk of provoking," Research Memoranda 011, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
- Dufwenberg, M. & Kirchsteiger, G., 1998.
"A Theory of Sequential Reciprocity,"
1998-37, Tilburg University, Center for Economic Research.
- Georg Kirchsteiger & Martin Dufwenberg, 2004. "A theory of sequential reciprocity," ULB Institutional Repository 2013/5899, ULB -- Universite Libre de Bruxelles.
- Margin Dufwenberg & Georg Kirchsteiger, 2001. "A Theory of Sequential Reciprocity," Levine's Working Paper Archive 563824000000000090, David K. Levine.
- Eddie Dekel & Jeffrey C. Ely & Okan Yilankaya, 2007. "Evolution of Preferences," Review of Economic Studies, Wiley Blackwell, vol. 74(3), pages 685-704, 07.
- Natalie Gold & Christian List, 2002.
"Framing as Path-Dependence,"
Economics Series Working Papers
124, University of Oxford, Department of Economics.
- Fehr, Ernst & Gachter, Simon, 1998. "Reciprocity and economics: The economic implications of Homo Reciprocans1," European Economic Review, Elsevier, vol. 42(3-5), pages 845-859, May.
- Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
- Dietrich, Franz, 2008.
"Modelling change in individual characteristics: an axiomatic framework,"
045, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
- Dietrich, Franz, 2012. "Modelling change in individual characteristics: An axiomatic framework," Games and Economic Behavior, Elsevier, vol. 76(2), pages 471-494.
- Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March.
- Franz Dietrich & Christian List, 2011.
"A model of non-informational preference change,"
Journal of Theoretical Politics,
, vol. 23(2), pages 145-164, April.
- Franz Dietrich & Christian List, 2009. "A Model of Non-Informational Preference Change," Levine's Working Paper Archive 814577000000000297, David K. Levine.
- Dietrich Franz & List Christian, 2009. "A Model of Non-Informational Preference Change," Research Memoranda 015, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
- Sethi, Rajiv & Somanathan, E., 2001.
"Preference Evolution and Reciprocity,"
Journal of Economic Theory,
Elsevier, vol. 97(2), pages 273-297, April.
- Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- Robert Sugden, 2005. "Why rationality is not a consequence of Hume's theory of choice," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 12(1), pages 113-118.
- Hammond, Peter J, 1976. "Changing Tastes and Coherent Dynamic Choice," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 159-73, February.
- Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December.
- Michael Bacharach, 2006. "The Hi-Lo Paradox, from Beyond Individual Choice: Teams and Frames in Game Theory," Introductory Chapters, in: Natalie Gold & Robert Sugden (ed.), Beyond Individual Choice: Teams and Frames in Game Theory Princeton University Press.
- Dietrich, Franz & List, Christian, 2012. "Reasons for (prior) belief in bayesian epistemology," MPRA Paper 36111, University Library of Munich, Germany.
- Dietrich, Franz & List, Christian, 2012. "Mentalism versus behaviourism in economics: a philosophy-of-science perspective," MPRA Paper 37813, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Charles Bollen).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.