City Research Online

Abstract

A central question in decision-making research is the extent to which preferences are stable or malleable. Preferences are essentially the choices people make when faced with different decisions. Traditional views see preferences as consistent and stable over time, while more recent theories consider them highly flexible and constructed when needed. A moderate view suggests that preferences are contextually flexible yet capable of stability. However, the extent to which preferences can exhibit both characteristics remains unclear. I conducted three studies to explore if and how human preferences change and what influences these changes. In the first two studies, participants made choices between options involving risks and rewards, like a 40% chance of winning £5 versus a 20% chance of winning £2. I observed that feedback can effectively alter participants’ risk preferences, with these changes lasting up to six months. Participants demonstrated adaptability even for initially stable preferences when prompted by feedback, suggesting that preferences, while consistent, are not rigid and can change with external input. Feedback-driven changes also transferred to risk choices when the reward is non-monetary, like snacks (e.g., chocolate bars) but not to trinkets (e.g., mugs), indicating that transferability depends on the reward type. In the third study, I examined how preferences respond to false feedback, finding that weaker preferences were more malleable, while stronger ones remained stable. Overall, our results indicate that preferences can be both stable and flexible, depending on how strong they are and whether they are influenced by external factors. Strong preferences, or those not exposed to new information, tend to stay consistent over time. In contrast, weaker preferences, or those prompted by new and meaningful feedback, are more likely to change and adapt. This shows that the stability or flexibility of preferences depends on their initial strength and whether external input encourages change. These findings reflect the dynamic nature of human decision-making, where preferences are shaped by both internal consistency and external influences.

Publication Type:	Thesis (Doctoral)
Subjects:	B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Departments:	School of Health & Medical Sciences > Department of Psychology & Neuroscience School of Health & Medical Sciences > School of Health & Medical Sciences Doctoral Theses Doctoral Theses

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