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)