Pecchenino, Rowena A. (2011) Preferences, choice, goal attainment, satisfaction: That’s life? Journal of Socio-Economics, 40 (3). pp. 237-241. ISSN 1053-5357

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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 prefer- ences. 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, prefer- ences emerge, evolve, and change. These redefinitions change the future course of the individual’s life and reinterpret his past. They characterize a life lived.

Item Type:	Article
Keywords:	Identity; Preferences; Life; choice;
Academic Unit:	Faculty of Social Sciences > Economics, Finance and Accounting
Item ID:	8506
Identification Number:	https://doi.org/10.1016/j.socec.2011.01.004
Depositing User:	Prof. Rowena Pecchenino
Date Deposited:	25 Jul 2017 16:13
Journal or Publication Title:	Journal of Socio-Economics
Publisher:	Elsevier
Refereed:	Yes
URI:	Publisher
Use Licence:	This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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