Preferences, Welfare, and the Status-Quo Bias

Abstract

Preferences play a role in well-being that is difficult to escape, but whatever authority one grants to preferences, their malleability seems to cause problems for any theory of well-being that employs them. Most importantly, preferences appear to display a status-quo bias: people come to prefer what they are likely rather than unlikely to get. I try to do two things here. The first is to provide a more precise characterization of the status-quo bias, how it functions, and how it infects commonly accepted theories of well-being. The second is to give an alternative characterization of an agent's preferences that succeeds in avoiding the status-quo bias.

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