AbstractBy identifying well-being with preference satisfaction, mainstream normative economists were able to leave the determination of which specific things make people better or worse off to the individuals themselves. The findings of behavioral economics undermine the possibility of deferring in this way to individual preference. One response to this challenge to welfare economics is to distinguish the true preferences of individuals from their manifest preferences and to take true preferences to guide policy. InThe Community of Advantage, Robert Sugden criticizes this strategy and proposes that economists appraise policies, institutions and outcomes by the opportunities they provide rather than by their contributions to welfare. This paper criticizes Sugden's view and argues for a modest solution that makes cautious use of preferences as indicators of well-being.