Schubert, Christian; Binder, Martin - In: Journal of Economics and Statistics (Jahrbuecher fuer … 234 (2014) 2-3, pp. 350-365
While standard economic theory takes individual preferences as stable and “given”, i.e., independent of situational context, real-world preferences tend to vary with changing opportunity sets. This is exemplified by Aesop’s fable of the fox and the sour grapes. This phenomenon of...