A new definition of and role for preferences in positive economics

Bart Engelen

Journal of Economic Methodology, 2017, vol. 24, issue 3, 254-273

Abstract: Positive economic models aim to provide truthful explanations of significant (aspects of) economic phenomena. While the notion of ‘preferences’ figures prominently in micro-economic models, it suffers from a remarkable lack of conceptual clarity and rigor. After distinguishing narrow homo economicus models (self-interest maximization) from broader ones (preference satisfaction) and rehearsing the criticisms both have met, I go into the most promising attempt to date at addressing them, developed by Hausman. However, his definition of preferences as ‘total comparative evaluations’, I argue, plays into the general disregard that economists have for human psychology. My alternative definition of preferences as ‘overall comparative evaluations’ – and hence as one of the many factors that influence people’s behavior – allows for more adequate causal explanations of people’s dutiful, committed, and norm-guided actions. Against Hausman but in agreement with Sen, it also allows for (motivated) counterpreferential choice.

Date: 2017
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DOI: 10.1080/1350178X.2017.1286026

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