The proposal examines preference, a key construct in decision science and economics, as the natural output of the human memory system, following the properties and characteristics of other types of knowledge. This preferences-as-memory approach suggests that preferences are neither "constructed" from first principles anew on each occasion, nor completely stable and immutable. The research attempts to explain and predict important phenomena in which preference deviates from rational-economic model prescription (including loss aversion, intertemporal discounting, and tradeoff difficulty) by examining the memory mechanisms involve in preference construction. These include priming, i.e., a transient increase in the accessibility of a concept after presentation of a related concept; inhibition or interference, i.e., a class of phenomena where instructions to recall parts of previously learned materials hinders subsequent recall of the rest; reactivity, i.e. where access of memory produces changes in its content and structure; structure of memory representations, i.e., the number of concept attributes and the system of their interconnections.
The proposed theoretical and empirical work has the following three purposes: (1) to convince behavioral decision researchers that they are ignoring the (memory) processes involved in the formation and expression of preference at their peril, (2) to demonstrate that current considerations of mostly explicit memory processes are incomplete, and (3) to show that the incorporation of a small number of well established memory properties provides conceptual integration across a large number of preference and choice phenomena that range from loss aversion to tradeoff difficulty, subadditivity, anchoring, and overconfidence. Societally important practical applications also arise from the use of a memory framework for understanding the formation and modification of preferences. A better understanding of developmental changes in memory processes and preference construction could help, for example, to design interventions that would minimize socially harmful consequences of changes in memory performance on judgment and choice in geriatric populations.
