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Preferences, Choice, Goal Attainment, Satisfaction:That’s Life?


  • Rowena Pecchenino

    () (Economics,Finance and Accounting,National University of Ireland, Maynooth)


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.

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  • Rowena Pecchenino, 2010. "Preferences, Choice, Goal Attainment, Satisfaction:That’s Life?," Economics, Finance and Accounting Department Working Paper Series n205-10.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  • Handle: RePEc:may:mayecw:n205-10.pdf

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    References listed on IDEAS

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    More about this item


    Identity; Preferences; Choice; Life;

    JEL classification:

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

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