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Values and preferences are not necessarily the same

✍ Scribed by Alan Shiell; Penelope Hawe; Janelle Seymour


Publisher
John Wiley and Sons
Year
1997
Tongue
English
Weight
26 KB
Volume
6
Category
Article
ISSN
1057-9230

No coin nor oath required. For personal study only.

✦ Synopsis


Economic theory typically draws no distinction between preferences and values, assumes that preferences are stable and complete and that all that need be done to elicit them is to ask the right question in the right way. It is argued here that values for some fundamental aspects of life, such as health, are not the same as preferences. The former are less differentiated and require construction and clarification before they can be elicited. The implications of this for health state valuation are discussed.


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