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Should The Utility Function Be Ditched?

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  • Dominique, C-Rene

Abstract

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.

Suggested Citation

  • Dominique, C-Rene, 2007. "Should The Utility Function Be Ditched?," MPRA Paper 5987, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:5987
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    File URL: https://mpra.ub.uni-muenchen.de/5987/1/MPRA_paper_5987.pdf
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    References listed on IDEAS

    as
    1. Schmeidler, David, 1971. "A Condition for the Completeness of Partial Preference Relations," Econometrica, Econometric Society, vol. 39(2), pages 403-404, March.
    2. P. A. Samuelson, 1947. "Some Implications of "Linearity."," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 15(2), pages 88-90.
    3. Simon, Herbert A., 1985. "Human Nature in Politics: The Dialogue of Psychology with Political Science," American Political Science Review, Cambridge University Press, vol. 79(2), pages 293-304, June.
    4. Shafer, Wayne J, 1974. "The Nontransitive Consumer," Econometrica, Econometric Society, vol. 42(5), pages 913-919, September.
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    Cited by:

    1. Zhu, Drew, 2016. "Economics Is a Science of Time Saving: The First Tentative Model (2016)," MPRA Paper 75314, University Library of Munich, Germany.
    2. Drew Zhu, 2016. "Demand without Utility: The First Evidence," 2016 Papers pzh519, Job Market Papers.

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    More about this item

    Keywords

    Well-ordered Preference Relation; C2 Utility Function; Well-defined Individual Demand Function; and Neuroeconomics;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A10 - General Economics and Teaching - - General Economics - - - General

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