Journal of Applied Philosophy 37 (4):562-577 (2020)

C. Tyler DesRoches
Arizona State University
Given the endowment effect, the role of attention in decision-making, and the framing effect, most behavioral economists agree that it would be a mistake to accept the satisfaction of revealed preferences as the normative criterion of choice. Some have suggested that what makes agents better off is not the satisfaction of revealed preferences, but ‘true’ preferences, which may not always be observed through choice. While such preferences may appear to be an improvement over revealed preferences, some philosophers of economics have argued that they face insurmountable epistemological, normative, and methodological challenges. This article introduces a new kind of true preference – values-based preferences – that blunts these challenges. Agents express values-based preferences when they choose in a manner that is compatible with a consumption plan grounded in a value commitment that is normative, affective, and stable for the agent who has one. Agents who choose according to their plans are resolute choosers. My claim is that while values-based preferences do not apply to every choice situation, this kind of preference provides a rigorous way for thinking about classic choice situations that have long interested behavioral economists and philosophers of economics, such as ‘Joe-in-the-cafeteria.’
Keywords Behavioral Economics   Preferences   Resolute Choice   Well-Being
Categories (categorize this paper)
DOI 10.1111/japp.12418
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

References found in this work BETA

Dispositional Theories of Value.Michael Smith, David Lewis & Mark Johnston - 1989 - Aristotelian Society Supplementary Volume 63 (1):89-174.

View all 28 references / Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

On the Econ Within.Daniel M. Hausman - 2016 - Journal of Economic Methodology 23 (1):26-32.
Choosers as Extension Axioms.Bora Erdamar & M. Remzi Sanver - 2009 - Theory and Decision 67 (4):375-384.
Behavioral Economics: A History.Floris Heukelom - 2014 - Cambridge University Press: Cambridge.
The Problematic Welfare Standards of Behavioral Paternalism.Douglas Glen Whitman & Mario J. Rizzo - 2015 - Review of Philosophy and Psychology 6 (3):409-425.


Added to PP index

Total views
169 ( #62,419 of 2,448,697 )

Recent downloads (6 months)
41 ( #16,552 of 2,448,697 )

How can I increase my downloads?


My notes