Published online by Cambridge University Press: 05 June 2012
A central tenet of classical theories of rational choice is that people harbor a stable, well-defined, and discernable order of preferences, and have computational skills that enable them to choose the courses of action that maximize their preferences. A paradigmatic example of a classical theory is multiattribute decision theory, which prescribes that the utility of a choice is equivalent to the sum of its preferences, that is, the sum of the weighted values of its attributes (Edwards & Newman, 1982; Keeney & Raiffa, 1976).
Research has challenged the axiom of preference invariance. Rather than being stable, well- defined, and discernable, preferences have been shown to be constructed (Markman, Zhang, & Moreau, 2000; Slovic, 1995); to some degree, they are labile, reversible, and obscure (for a review, see Payne, Bettman, & Johnson, 1992). Preference invariance is violated under different descriptions of essentially the same options (Tversky & Kahneman, 1986), when different modes of elicitation are invoked (Lichtenstein & Slovic, 1971), and when options are presented in different contexts (Shafir, Simonson, & Tversky, 1993). Various process theories claim that preferences are reconstructed to create dominance and thus bring the decision task to a point of commitment (Janis & Mann, 1977; Montgomery, 1983; Svenson, 1992; for a review, see Brownstein, 2003). These process theories are inconsistent with cognitive dissonance theory, which posits that changes in preferences are exclusively a postcommitment phenomenon (see Festinger, 1964, p. 153; also Simon & Holyoak, 2002).
To save this book to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.