In contrast to logical criteria of rationality, which can be assessed entirely by reference to the
system of preferences, substantive criteria of rational choice refer to an independent
evaluation of the outcomes of decisions. One of these substantive criteria is the experienced
hedonic utility of outcomes. Research indicates that people are myopic in their decisions,
may lack skill in predicting their future tastes, and can be led to erroneous choices by fallible
memory and incorrect evaluation of past experiences. Theoretical and practical implications …