Meta-preference, endogenous preference formation and dynamic choice

In a dynamic environment, this paper builds a model of layers of meta-preferences which explains endogenous preference formation as a consequence of subjective judgment by the decision maker’s current self about welfare of her successor self. The model allows us to describe how much the decision maker is willing to pay for investment in her preference formation. The paper provides a recursive utility representation of the layers of meta-preferences and applies it to the problems of investment in time preference and taste.

Authors

Publication Details

Journal
Journal of Economic Theory
Published
2026-05-01
DOI
https://doi.org/10.1016/j.jet.2026.106184
Primary Topic
Decision-Making and Behavioral Economics
Type
article
Field-Weighted Citation Impact
0.00
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article

Meta-preference, endogenous preference formation and dynamic choice

Takashi Hayashi
Journal of Economic Theory
Decision-Making and Behavioral Economics
article

Meta-preference, endogenous preference formation and dynamic choice

Takashi Hayashi
article en

Abstract

In a dynamic environment, this paper builds a model of layers of meta-preferences which explains endogenous preference formation as a consequence of subjective judgment by the decision maker’s current self about welfare of her successor self. The model allows us to describe how much the decision maker is willing to pay for investment in her preference formation. The paper provides a recursive utility representation of the layers of meta-preferences and applies it to the problems of investment in time preference and taste.

Journal of Economic TheoryVol. 234
Openalex Percentile: Top 8%
Decision-Making and Behavioral Economics
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Meta-preference, endogenous preference formation and dynamic choice — Takashi Hayashi · Journal of Economic Theory (2026) | TGRS Research Map | TGRS