III
Summary on Preferences
(Choice/Preference/Optimising)
Some problems in seeing choice as maximising own welfare:
1. Made true just by definition?
2. Choice may not really be ‘free’
· pressure from authority
· pressure from peers
· pressure of the majority
· pressure from advertising
· pressure of poverty
(Some examples of external influences ‘forcing choice’)
3. Choice may fit preference we would prefer not to have
· addiction (= no ‘choice’ at all?)
· weakness of will (have principles but do not stick to them), afterwards ‘wishing’ we had been stronger)
i. choosing short-term against long-term interests
ii. caving in to own interests instead of helping others
(Some examples of internal influences pushing choice)
4. Choices may be mistaken
· misinformation
· expectations prove to be wrong, etc.
All of these factors might be seen as constituting ‘imperfections’ in the system; so perhaps a deeper challenge comes from:
5. Choice may be made on principle, not for own gain.
· self-denying choices (duty/commitment) (Gamp, Sen)
· but, note complications of:
i. sympathy
ii. reputation effects
iii. merely ‘strategic’ nobility
iv. guilt
NB: Other complications: Menu-dependence; chooser dependence. (Dr. J G T Meeks)