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The Problem with Utility: Towards a Non-Consequentialist / Utility Theory Synthesis

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  • Alanson P. Minkler

    (University of Connecticut)

Abstract

I develop the argument that our current decision-making framework, utility theory, when used by itself, is 1) descriptively incomplete, 2) theoretically flawed, and 2) ethically questionable. In response, I offer an exploratory framework that incorporates both consequentialist and non-consequentialist motivations. Adding a commitment function provides a synthesis which remedies the problems associated with the sole use of utility theory. Finally, I show how philosophers Immanuel Kant, W.D. Ross, and Martin Buber provide an ethical basis for the framework.

Suggested Citation

  • Alanson P. Minkler, 1997. "The Problem with Utility: Towards a Non-Consequentialist / Utility Theory Synthesis," Working papers 1997-09, University of Connecticut, Department of Economics.
    • Handle: RePEc:uct:uconnp:1997-09
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    References listed on IDEAS

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    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
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    Cited by:

    1. Lanse Minkler & Thomas Miceli, 2004. "Lying, Integrity, and Cooperation," Review of Social Economy, Taylor & Francis Journals, vol. 62(1), pages 27-50.
    2. Cosgel, Metin M. & Minkler, Lanse, 2004. "Rationality, integrity, and religious behavior," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(3), pages 329-341, July.
    3. Mark White, 2006. "A Kantian critique of neoclassical law and economics," Review of Political Economy, Taylor & Francis Journals, vol. 18(2), pages 235-252.
    4. Lanse Minkler, 2004. "Preference Pollution, Reasons, and Other Murky Motivations: on some hidden costs of the market," Review of Social Economy, Taylor & Francis Journals, vol. 62(2), pages 263-271.
    5. Anida Krajina & Jakub Prochazka, 2018. "Motives behind voting and the perception of the motives: paradox of voting in Bosnia and Herzegovina," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 8(3), pages 451-483, December.

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