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Preferences, choice, goal attainment, satisfaction: That's life?

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  • Pecchenino, Rowena A.

Abstract

We 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.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:soceco:v:40:y:2011:i:3:p:237-241
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    Cited by:

    1. Rose Walubengo & S Kipchumba, 2022. "Effect of Psychological Preparedness on Pre-Retiree Retirement Planning Behaviour: A Case Study of Employees of The County Government of Nakuru, Kenya," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(5), pages 679-692, May.

    More about this item

    Keywords

    Identity Preferences Choice Life;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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