SHOULD THE UTILITY FUNCTION BE DITCHED?

This note takes a retrospective look at the Utility Construct still in use in economic science and compares it to a new approach based on recent findings in neuroscience. The results show that it is more natural and more compelling to go from the preference order to the price vector. Thus making the non-falsifiable utility apparatus superfluous.

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Year of publication:	2007-11-27
Authors:	Dominique, C-Rene
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Well-ordered Preference Relation \| C2 Utility Function \| Well-defined Individual Demand Function \| and Neuroeconomics

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	B40 - Economic Methodology. General ; A12 - Relation of Economics to Other Disciplines ; A10 - General Economics. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005617018