"Convinced that some of the things in life, which most people aspire for, are beyond their reach because of the way the social and political institutions are organized, people of some chronically disadvantaged groups often choose to modify their own aspirations: rather than having high aspirations and living a life of continuous disappointments, they consciously or subconsciously choose to curtail their aspirations and change their preferences to avoid such disappointment."

Explain, in such cases, whether the satisfaction of individuals' preferences can be taken seriously as a reliable indicator of their welfare and why.