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Some Considerations Regarding the Problem of Multidimensional Utility

Author

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  • Martin Binder

    (Max Planck Institute of Economics, Evolutionary Economics Group, Jena)

Abstract

The concept of 'utility' is often used in ambiguous ways in economics, from having substantive psychological connotations to being a formal placeholder representing a person's preferences. In the accounts of the early utilitarians, it was a multidimensional measure that has been condensed during the marginalist revolution into the unidimensional measure we know today. But can we compare different pleasures? This paper assesses the evidence from psychology and neurosciences on how to best conceive of utility. It turns out that empirical evidence does not favor a view of multidimensional utility. This does not eliminate the possibility to make a normative argument supporting a multidimensional notion of utility.

Suggested Citation

  • Martin Binder, 2009. "Some Considerations Regarding the Problem of Multidimensional Utility," Jena Economics Research Papers 2009-099, Friedrich-Schiller-University Jena.
    • Handle: RePEc:jrp:jrpwrp:2009-099
    as

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    File URL: https://oweb.b67.uni-jena.de/Papers/jerp2009/wp_2009_099.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    utility; pleasures; neuroeconomics; multidimensionality of utility;
    All these keywords.

    JEL classification:

    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)

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