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

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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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.

Item Type: Article
Additional Information:
Keywords: Identity; Preferences; Choice; Life; Working Paper N205-10;
Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
Item ID: 1883
Depositing User: Ms Sandra Doherty
Date Deposited: 15 Mar 2010 10:55
Journal or Publication Title: Journal of Socio-Economics
Publisher: Elsevier
Refereed: No

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