A Theory of Chosen Preferences

• 成果类型: Article
• 署名作者: Bernheim, B. Douglas; Braghieri, Luca; Martinez-Marquina, Alejandro; Zuckerman, David
• 署名单位: Stanford University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20190390
• 发表日期: 2021
• 页码: 720-754
• 关键词: field experiment; risk-aversion; ECONOMICS; CHOICE; BEHAVIOR; culture; MARKETS; custom; tastes; TRADE

摘要

We propose and develop a dynamic theory of endogenous preference formation in which people adopt worldviews that shape their judgments about their experiences. The framework highlights the role of mindset flexibility, a trait that determines the relative weights the decision-maker places on her current and anticipated worldviews when evaluating future outcomes. The theory generates rich behavioral dynamics, thereby illuminating a wide range of applications and providing potential explanations for a variety of observed phenomena.