Preferences, Choice, Goal Attainment, Satisfaction:That’s Life?
AbstractWe make choices to achieve an objective. The objective is defined by an individual’s preferences. Subject to constraints, the objective is approached or achieved. Is this a good characterization of life? To answer this question we weaken one of the most basic assumptions of economics: individuals know their preferences. Instead we assume that an individual’s preferences are shaped and reshaped by his environment, experiences, expectations, and by exogenous events. In this model of individual self-discovery, preferences emerge, evolve, and change. These redefinitions change the future course of the individual’s life and reinterpret his past. They characterize a life lived.
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Bibliographic InfoPaper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n205-10.pdf.
Length: 17 pages
Date of creation: 2010
Date of revision:
Identity; Preferences; Choice; Life;
Other versions of this item:
- Pecchenino, Rowena A., 2011. "Preferences, choice, goal attainment, satisfaction: That's life?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(3), pages 237-241, May.
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-04-11 (All new papers)
- NEP-CBA-2010-04-11 (Central Banking)
- NEP-CBE-2010-04-11 (Cognitive & Behavioural Economics)
- NEP-DCM-2010-04-11 (Discrete Choice Models)
- NEP-HAP-2010-04-11 (Economics of Happiness)
- NEP-HPE-2010-04-11 (History & Philosophy of Economics)
- NEP-UPT-2010-04-11 (Utility Models & Prospect Theory)
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