Economic analysis assumes that consumer behavior can be rationalized by a utility function. Previous research has shown that some decision-making quality can be captured by permanent cognitive ability but has not examined how a temporary load in subjects' working memory can affect economic...

Economic analysis assumes that consumer behavior can be rationalized by a utility function. Previous research has shown that some decision-making quality can be captured by permanent cognitive ability but has not examined how a temporary load in subjects' working memory can affect economic...

Economic analysis assumes that consumer behavior can be rationalized by a utility function. Previous research has shown that some consistency of choices with economic rationality can be captured by permanent cognitive ability but has not examined how a temporary load in subjects' working memory...

The discounted utility theory is a cornerstone of financial theory, particularly in inter-temporal asset pricing and portfolio management. This theory questioning has opened a whole field of research in psychology, economics, and management, and has undergone several enhancements recently. Its...

The study explores the application of demand theory in studying consumer spending behaviour and policy analysis, with a focus on food demand and consumption patterns. It reviews various demand function systems and introduces the differential approach as a superior method for modelling demand....

The introduction of the concept of separate needs into cardinal utility theory requires two propositions. The first specifies that the shape of a utility function for a commodity (good, service or event) fulfilling a need should reflect the experiences of an individual as the commodity fulfils...

Two propositions are required to introduce separate needs into utility theory. Firstly, the shape of the utility function must represent the different stages of fulfilment of a need as experienced by a consumer: deprivation, subsistence, sufficiency, satiation, surfeit. The second proposes weak...

Since the 17th century, the question of the economic valuation of time (in particular the working time) has been at the center of debates among economists, from classicists to neoclassicists, Marxists to contemporary schools of thought. Today, with the advent of the digital age, characterized by...

Bounded cardinal utility theory (BCUT), built on the seminal work of Van Praag (1968), is based on three axioms. • The leaning-S-shaped utility function reflects the individual’s experiences of fulfilment of a need – deprivation (increasing marginal utility (MU)), subsistence (a point of...

Motivated by the extensive evidence about the relevance of status quo bias both in experiments and in real markets, we study this phenomenon from a decision-theoretic prospective, focusing on the case of preferences under uncertainty. We develop an axiomatic framework that takes as a primitive...