This paper outlines the origins of the utility function in terms of evolution and sexual selection. Altruistic behaviour between non-kin is found to be a result of a stable tit-for-tat solution to the prisoners' dilemma, combined with reputation effects, and an evolutionary drive to promote...

This paper uses the 2016 book by Chambers and Echenique as the focal point for a general discussion of the revealed preference literature: starting with Samuelson (1938) but with a particular emphasis on its relationship to general equilibrium theory and recent empirical applications. The main...

It is widely held that under ordinal utility, utility differences are ill-defined. Allegedly, for these to be well-defined (without turning to choice under risk or the like), one should adopt as a new kind of primitive quaternary relations, instead of the traditional binary relations underlying...

A 2-parameter class of ordinal utility functions over a pair of goods is discussed with respect to general traits of preferences for luxury. The class contains Cobb-Douglas functions as no-luxury limit; its analytical tractability is probed by simple closed form solutions for Marshallian demand...

Building on the isomorphism between the theories of risk aversion and precautionary saving, an objective index of prudent behavior is introduced, which generalizes the riskiness index set forth by Aumann and Serrano (2008). A benchmark framework for the monotone relation between risk aversion...

Utilizing the asset pricing framework, we justify S-shaped consumption utility functions by reconciling realized consumption with asset returns. The S-shaped consumption utility predicts a possible negative correlation between asset returns and lower quantiles of consumption growth, for which we...

The role of customer value has been largely recognized over time by the firms as an instrument towards stimulating market share and profit optimization. The customer values for innovative products and unfamiliar brands of firm in competitive markets are determined largely by habits,...

The role of customer value has been largely recognized over time by the firms as an instrument towards stimulating market share and profit optimization. The customer values for innovative products and unfamiliar brands of firm in competitive markets are determined largely by habits,...