Economics, Econometrics and Finance
4 years ago

Unveiling the Illusion of Optimal Preferences: Impact on Society

SSRN Electronic Journal
Freedom to Choose and Choice X-Inefficiencies: Human and Consumer Rights, and Positive and Normative Implications of Choice Behavior
Morris Altman

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The article discusses how people can make choices that are not always the best for themselves or society. Preferences can be different for each person, leading to conflicts. These conflicting preferences can create moral and political problems. The choices people make are influenced by their surroundings. Understanding how people make choices is important for the economy and for everyone's well-being.