Decision Processes and Value Endogeneity

Humans use reasons to shape and justify choices. In the process, trade-offs seem essential and often inevitable. But trade-offs involve comparisons, which are problematic both across values and especially over time. Reducing disparate values to a common metric (especially if that metric is money) is often problematic and unsatisfactory. Critically, it is not that values just shape choices, but that choices themselves shape values. This endogeneity of values makes an unconditional normative endorsement of modern decision-theoretic rationality unwise. This is a hard problem and there is no escaping the definition of good values, that is, those that make humans better. This removes the wall between economics and philosophy. If we are to adopt and enact this perspective, then greater discourse and debate on what matters and not just what counts will be useful and even indispensable.