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Arguing About Tastes: Modeling How Context and Experience Change Economic Preferences
Mainstream economics considers individual preferences to be fixed and unchanging. Although psychologists and other social scientists explore how tastes are formed, influenced, and evolve, it is not considered “proper” in orthodox economics to do so. Arguing About Tastes makes the case that economists should abandon the principle that preferences are fixed and instead incorporate into their work how context and experience shape individual tastes.
David M. Kreps argues that the discipline must account for dynamic personal tastes when it comes to understanding social exchange, emphasizing human resource management and on-the-job behavior. He develops formal models that illustrate the power of intrinsic motivation and show why applying extrinsic incentives can be counterproductive. Kreps weighs the advantages and disadvantages of the principle de gustibus non est disputandum : there is no arguing about tastes. He calls for a new era of economics in which preferences are taken into account―and not for granted.
Arguing About Tastes concludes with responses by the distinguished economists Alessandra Casella and Joseph E. Stiglitz and a final reply by Kreps.
David M. Kreps argues that the discipline must account for dynamic personal tastes when it comes to understanding social exchange, emphasizing human resource management and on-the-job behavior. He develops formal models that illustrate the power of intrinsic motivation and show why applying extrinsic incentives can be counterproductive. Kreps weighs the advantages and disadvantages of the principle de gustibus non est disputandum : there is no arguing about tastes. He calls for a new era of economics in which preferences are taken into account―and not for granted.
Arguing About Tastes concludes with responses by the distinguished economists Alessandra Casella and Joseph E. Stiglitz and a final reply by Kreps.
- GenresPsychologyEconomics
216 pages, Paperback
Published November 28, 2023
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Displaying 1 - 2 of 2 reviews
March 19, 2025
☆☆☆½ rounded down (mostly because the truly technical stuff hurt my brain).
In Arguing About Tastes, author
David Kreps explores how individual preferences aren’t static but evolve with context and experience, challenging traditional economic models that assume fixed tastes. He presents a more dynamic framework for understanding decision-making, incorporating behavioural insights into preference formation.
I found the book to be a valuable contribution to economic thought, especially in how it adds nuance to standard preference and behavioural models. Some of the more technical sections went over my head, but the core arguments were engaging and thought-provoking. It’s a fascinating look at how our choices shift over time—not just in response to incentives but also through lived experience. It is a dense but thankfully, short, and rewarding read for anyone interested in economic modelling.
In Arguing About Tastes, author
David Kreps explores how individual preferences aren’t static but evolve with context and experience, challenging traditional economic models that assume fixed tastes. He presents a more dynamic framework for understanding decision-making, incorporating behavioural insights into preference formation.
I found the book to be a valuable contribution to economic thought, especially in how it adds nuance to standard preference and behavioural models. Some of the more technical sections went over my head, but the core arguments were engaging and thought-provoking. It’s a fascinating look at how our choices shift over time—not just in response to incentives but also through lived experience. It is a dense but thankfully, short, and rewarding read for anyone interested in economic modelling.
Displaying 1 - 2 of 2 reviews