Revealed preferences are not reliable in situations where individuals make choices based on factors other than their true preferences, such as... limited information, social pressure, financial pressure (!!), impulsive behavior, addiction, lack of technical knowledge to pursue alternatives (!!), or when their preferences change significantly over time or moment to moment.
Recourse to "people have revealed their preferences" is the last refuge of the defenders of the status quo of deeply corrupted "markets".
Recourse to "people have revealed their preferences" is the last refuge of the defenders of the status quo of deeply corrupted "markets".