, we rely on the preferences of the concerned agents rather than on an arbitrary weighting scheme selected by the analyst …

Behavioral economics has shaken the view that individuals have well-defined, consistent and stable preferences. This … raises a challenge for welfare economics, which takes as a key postulate that individual preferences should be respected. We … partial preferences and that subjective welfare measures do not offer an attractive way out of the impasse. However, their …

measure of welfare in terms of equivalent incomes that does respect individual preferences. Satisfaction surveys are useful …, however, to derive information about preferences. We illustrate our approach with panel data from the Russian Longitudinal …