We claim that preferences of economic agents cannot be assumed given; rather, they are partly determined by the process of trade in the market, by information about the latter and so forth. In other words, preferences determine actions which, in turn, determine preferences. Thus classical tools...

This paper makes some preliminary steps towards a dynamic theory of consumer choices, restricted to the case of repeated small decisions. The authors assume that the consumer chooses among products, rather than among bundles, and that she bases her decision on a cumulative satisfaction index....