Stable preferences for welfare assessments? Old Chicago economists say otherwise!
The article challenges the idea that stable and consistent preferences are necessary for making good choices. Instead, it argues that people's preferences can change and evolve over time. The researchers draw on the ideas of economists Frank H. Knight and James M. Buchanan to show that it's normal for people to have conflicting feelings and uncertainties when making decisions. This suggests that the traditional view of stable preferences may not be the best way to assess well-being.