Values and Preferences: Defining Preference Contruction

Interdisciplinary Reviews: Cognitive Science, Vol. 2, pp. 193-205, March/April 2011

13 Pages Posted: 1 Feb 2012

See all articles by Leaf Van Boven

Leaf Van Boven

University of Colorado Boulder

A. Peter McGraw

University of Colorado at Boulder - Department of Marketing

Caleb Warren

Bocconi University - Department of Marketing

Date Written: March 2, 2011

Abstract

Extensive research in the values and preferences literature suggests that preferences are sensitive to context and calculated at the time of choice. This has led to the view that preferences are constructed. Recent work calls for a better understanding of when preferences are constructed and when they are not. We contend that the answer to this question depends on the meaning of the term constructed. Constructed can mean that a preference changes across contexts. If construction is synonymous with context sensitivity, we contend that preferences are always constructed because context influences nearly every aspect of the judgment and choice process. As a motivating example, we show that preferences are influenced by goals and goals are highly context sensitive. Constructed, however, can mean instead that a preference is calculated or formulated during the judgment and choice process. If construction is synonymous with calculation, we contend that many preferences are calculated and the more important question is to what degree preferences are calculated. We review the literature that shows that the degree to which decision makers calculate preferences is influenced by goals, cognitive constraints, and experience.

Keywords: values, preferences, constructs, judgment, choice

Suggested Citation

Van Boven, Leaf and McGraw, A. Peter and Warren, Caleb, Values and Preferences: Defining Preference Contruction (March 2, 2011). Interdisciplinary Reviews: Cognitive Science, Vol. 2, pp. 193-205, March/April 2011 , Available at SSRN: https://ssrn.com/abstract=1995781

Leaf Van Boven (Contact Author)

University of Colorado Boulder ( email )

University of Colorado Boulder
Department of Psychology and Neuroscience, 345 UCB
Boulder, CO 80309
United States
303.735.5238 (Phone)
303.492.2967 (Fax)

HOME PAGE: http://psych.colorado.edu/~vanboven/

A. Peter McGraw

University of Colorado at Boulder - Department of Marketing ( email )

United States

Caleb Warren

Bocconi University - Department of Marketing

Via Roentgen 1
Milan, 20136
Italy

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