Inferring welfare from inconsistent choices: how values matter

Guilhem Lecouteux and Ivan Mitrouchev

Economics and Philosophy, 2026, vol. 42, issue 1, 47-70

Abstract: There is no consensus on how to infer welfare from inconsistent choices. We argue that theorists must be explicit about the values they endorse to characterize individual welfare. After formalizing a set of values and their relationship with context-independent choices, we review the literature and discuss the advantages and drawbacks of each approach. We demonstrate that defining welfare a priori may violate normative individualism, arguably the most desirable value to maintain. To uphold this value while addressing individuals’ errors, we propose a weaker version of consumer sovereignty, which we label ‘consumer autonomy’.

Date: 2026
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