Against Utility Based Economics

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Against Utility-Based Economics

Author : Anastasios Korkotsides
Publisher : Routledge
ISBN 13 : 1135009732
Total Pages : 297 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis Against Utility-Based Economics by : Anastasios Korkotsides

Download or read book Against Utility-Based Economics written by Anastasios Korkotsides and published by Routledge. This book was released on 2013-07-04 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility-based theory and the fallback choice-theoretic framework are shown to be biased, irremediably flawed and misleading. A radically different theory of value and of consumer behaviour is proposed based on existential interpretations of scarcity, value and self-interest. For self-conscious mortals, only time is scarce. All other is derivative scarcity. Value is in the life, as a knowledge extract of time, which goes into commodities as direct human labour and depreciated capital, through their production. By structuring their preferences, consumers try to confiscate more of such value per unit of expended income, extending their social presence, soothing their angst and gaining power over each other. This raises output and makes gains cancel out. Negative psychological externalities preclude any well-being or social-welfare type conclusion. These resolve a number of long-standing issues: endogenously generated growth, the micro-macro connection, the price mechanism, crises, unemployment, etc. Equilibrium is of a low-potential kind, not of a force-balancing one, and it is unique, reachable and stable. The relevant analytics involve purely economic, non-psychological entities. Consumer behaviour is grounded on a well-defined, structure-based decision criterion and on observably measurable magnitudes, only. The social ramifications of the two juxtaposed perspectives are discussed at length.

The Economics of Public Utility Regulation

Author : Michael A. Crew
Publisher : Springer
ISBN 13 : 1349072958
Total Pages : 306 pages
Book Rating : 4.3/5 (49 download)

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Book Synopsis The Economics of Public Utility Regulation by : Michael A. Crew

Download or read book The Economics of Public Utility Regulation written by Michael A. Crew and published by Springer. This book was released on 1986-06-18 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Measuring Utility

Author : Ivan Moscati
Publisher : Oxford Studies in History of E
ISBN 13 : 0199372764
Total Pages : 345 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis Measuring Utility by : Ivan Moscati

Download or read book Measuring Utility written by Ivan Moscati and published by Oxford Studies in History of E. This book was released on 2018-11-22 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility is a key concept in the economics of individual decision-making. However, utility is not measurable in a straightforward way. As a result, from the very beginning there has been debates about the meaning of utility as well as how to measure it. This book is an innovative investigation of how these arguments changed over time. Measuring Utility reconstructs economists' ideas and discussions about utility measurement from 1870 to 1985, as well as their attempts to measure utility empirically. The book brings into focus the interplay between the evolution of utility analysis, economists' ideas about utility measurement, and their conception of what measurement in general means. It also explores the relationships between the history of utility measurement in economics, the history of the measurement of sensations in psychology, and the history of measurement theory in general. Finally, the book discusses some methodological problems related to utility measurement, such as the epistemological status of the utility concept and its measures. The first part covers the period 1870-1910, and discusses the issue of utility measurement in the theories of Jevons, Menger, Walras and other early utility theorists. Part II deals with the emergence of the notions of ordinal and cardinal utility during the period 1900-1945, and discusses two early attempts to give an empirical content to the notion of utility. Part III focuses on the 1945-1955 debate on utility measurement that was originated by von Neumann and Morgenstern's expected utility theory (EUT). Part IV reconstructs the experimental attempts to measure the utility of money between 1950 and 1985 within the framework provided by EUT. This historical and epistemological overview provides keen insights into current debates about rational choice theory and behavioral economics in the theory of individual decision-making and the philosophy of economics.

Intermediate Microeconomics

Author : Patrick M. Emerson
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (123 download)

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Book Synopsis Intermediate Microeconomics by : Patrick M. Emerson

Download or read book Intermediate Microeconomics written by Patrick M. Emerson and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Utility Maximization, Choice and Preference

Author : Fuad Aleskerov
Publisher : Springer Science & Business Media
ISBN 13 : 3662049929
Total Pages : 226 pages
Book Rating : 4.6/5 (62 download)

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Book Synopsis Utility Maximization, Choice and Preference by : Fuad Aleskerov

Download or read book Utility Maximization, Choice and Preference written by Fuad Aleskerov and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.

Advances in Public Economics: Utility, Choice and Welfare

Author : Ulrich U. Schmidt
Publisher : Springer Science & Business Media
ISBN 13 : 0387257063
Total Pages : 333 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Advances in Public Economics: Utility, Choice and Welfare by : Ulrich U. Schmidt

Download or read book Advances in Public Economics: Utility, Choice and Welfare written by Ulrich U. Schmidt and published by Springer Science & Business Media. This book was released on 2006-06-28 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Festschrift in honor ofChristian Seidl combines a group of prominent authors who are experts in areas like public economics, welfare economic, decision theory, and experimental economics in a unique volume. Christian Seidl who has edited together with Salvador Barber` a ` and Peter Hammond the Handbook of Utility Theory (appearing at Kluwer Academic Publishers/Springer Economics), has dedicated most of his research to utility and decision theory, social choice theory, welfare economics, and public economics. During the last decade, he has turned part of his attention to a research tool that is increasingly gaining in importance in economics: the laboratory experiment. This volume is an attempt to illuminate all facets of Christian Seidl’s ambitious research agenda by presenting a collection of both theoretical and expe- mental papers on Utility,Choice,andWelfare written by his closest friends, former students, and much valued colleagues. Christian Seidl was born on August 5, 1940, in Vienna, Austria. Beginning Winter term 1962/63, he studied Economics and Business Administration at the Vienna School of Economics (then “Hochschule fff ̈ ur ̈ Welthandel”). 1966 he was awarded an MBA by the Vienna School of Economics and 1969 a doctoral degree in Economics. In October 1968 Christian became a research assistant at the Institute of Economics at the University of Vienna. 1973 he acquired his habilitation (right to teach) in Economics — supervised by Wilhelm Weber — from the Department of Law and Economics of the University of Vienna. He was awarded the Dr.

Measuring Utility

Author : Ivan Moscati
Publisher : Oxford University Press
ISBN 13 : 0199372799
Total Pages : 352 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis Measuring Utility by : Ivan Moscati

Download or read book Measuring Utility written by Ivan Moscati and published by Oxford University Press. This book was released on 2018-10-25 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility is a key concept in the economics of individual decision-making. However, utility is not measurable in a straightforward way. As a result, from the very beginning there has been debates about the meaning of utility as well as how to measure it. This book is an innovative investigation of how these arguments changed over time. Measuring Utility reconstructs economists' ideas and discussions about utility measurement from 1870 to 1985, as well as their attempts to measure utility empirically. The book brings into focus the interplay between the evolution of utility analysis, economists' ideas about utility measurement, and their conception of what measurement in general means. It also explores the relationships between the history of utility measurement in economics, the history of the measurement of sensations in psychology, and the history of measurement theory in general. Finally, the book discusses some methodological problems related to utility measurement, such as the epistemological status of the utility concept and its measures. The first part covers the period 1870-1910, and discusses the issue of utility measurement in the theories of Jevons, Menger, Walras and other early utility theorists. Part II deals with the emergence of the notions of ordinal and cardinal utility during the period 1900-1945, and discusses two early attempts to give an empirical content to the notion of utility. Part III focuses on the 1945-1955 debate on utility measurement that was originated by von Neumann and Morgenstern's expected utility theory (EUT). Part IV reconstructs the experimental attempts to measure the utility of money between 1950 and 1985 within the framework provided by EUT. This historical and epistemological overview provides keen insights into current debates about rational choice theory and behavioral economics in the theory of individual decision-making and the philosophy of economics.

The Tyranny of Utility

Author : Gilles Saint-Paul
Publisher : Princeton University Press
ISBN 13 : 0691128170
Total Pages : 175 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Tyranny of Utility by : Gilles Saint-Paul

Download or read book The Tyranny of Utility written by Gilles Saint-Paul and published by Princeton University Press. This book was released on 2011-07-25 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political organization and the conception of man -- The challenge to the unitary individual in Western thought -- Economics: the last bastion of rationality -- Economics goes behavioral -- From utility to happiness -- Post-utilitarianism : searching for a collective soul in the behavioral era -- The policy prescriptions of behavioral economics -- The modern paternalistic state -- Responsibility transfer -- The role of science -- Markets in a paternalistic world -- Where to go?

Risky Curves

Author : Daniel Friedman
Publisher : Routledge
ISBN 13 : 1317821238
Total Pages : 171 pages
Book Rating : 4.3/5 (178 download)

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Book Synopsis Risky Curves by : Daniel Friedman

Download or read book Risky Curves written by Daniel Friedman and published by Routledge. This book was released on 2014-02-05 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orthodox theory has not yet been able to do better than supposedly naïve models that use rules of thumb, or that focus on the consumption possibilities and economic constraints facing the individual. The authors assert this by first revisiting the origins of orthodox theory. They then recount decades of failed attempts to obtain meaningful empirical validation or calibration of the theory. Estimated shapes and parameters of the "curves" have varied erratically from domain to domain (e.g., individual choice versus aggregate behavior), from context to context, from one elicitation mechanism to another, and even from the same individual at different time periods, sometimes just minutes apart. This book proposes the return to a simpler sort of scientific theory of risky choice, one that focuses not upon unobservable curves but rather upon the potentially observable opportunities and constraints facing decision makers. It argues that such an opportunities-based model offers superior possibilities for scientific advancement. At the very least, linear utility – in the presence of constraints - is a useful bar for the "curved" alternatives to clear.

Utility and Probability

Author : John Eatwell
Publisher : Springer
ISBN 13 : 1349205680
Total Pages : 330 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Utility and Probability by : John Eatwell

Download or read book Utility and Probability written by John Eatwell and published by Springer. This book was released on 1990-02-23 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on utility and probability.

Utility and Production

Author : Pablo Coto-Millán
Publisher : Springer Science & Business Media
ISBN 13 : 3642573304
Total Pages : 204 pages
Book Rating : 4.6/5 (425 download)

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Book Synopsis Utility and Production by : Pablo Coto-Millán

Download or read book Utility and Production written by Pablo Coto-Millán and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is different from the first edition. There are three entirely new chapters: 2,6 and 9. I have also included new sections in chapters 1,4 and 8. Moreover, the remaining chapters, 3, 5 and 7, have been revised and updated. In chapters 2 and 6 I felt it was necessary to include the main alternative theories ofconsumer and company behaviour along with the neo-classical models. The book contains four chapters oftheory - 1, 2, 5 and 6 - and four chapters with theoretical and empirical applications - 3, 4, 7 and 8. Finally, chapter nine looks at choices made under conditions ofuncertainty. September 2002 P. Coto-Millan Preface to the First Edition Grateful acknowledgment is made to CICYT (Comision Interministerial de Ciencia y Tecnologia), National Plan R+D, Projects N-TXT96-2467 and N TXT98-1453 for its fmancial support. This text presents the economic theories on Utility and Production. In addition, such theories are used to explain the real problems of consumers and fIrms and several studies carried out by the author are displayed. Some collaboration by other professors of Economics is mentioned in the corresponding footnotes. The responsibility for errors and omissions, however, rests entirely upon the author. In chapters 1 and 4 of the book I try to present the theory of Utility and Production. Chapter 3 presents new functional forms and two empirical applications, on demand functions and systems. In chapters 2 and 5, the main theorems and properties presented in chapters 1 and 4 are applied.

Mathematical Psychics

Author : Francis Ysidro Edgeworth
Publisher :
ISBN 13 :
Total Pages : 166 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Mathematical Psychics by : Francis Ysidro Edgeworth

Download or read book Mathematical Psychics written by Francis Ysidro Edgeworth and published by . This book was released on 1881 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Foundations of Expected Utility

Author : P.C. Fishburn
Publisher : Springer Science & Business Media
ISBN 13 : 9401733295
Total Pages : 181 pages
Book Rating : 4.4/5 (17 download)

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Book Synopsis The Foundations of Expected Utility by : P.C. Fishburn

Download or read book The Foundations of Expected Utility written by P.C. Fishburn and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a unified treatment of my research in the foundations of expected utility theory from around 1965 to 1980. While parts are new, the presentation draws heavily on published articles and a few chapters in my 1970 monograph on utility theory. The diverse notations and styles of the sources have of course been reconciled here, and their topics arranged in a logical sequence. The two parts of the book take their respective cues from the von Neumann-Morgenstern axiomatization of preferences between risky options and from Savage's foundational treatment of decision making under uncertainty. Both parts are studies in the axiomatics of preferences for decision situations and in numerical representations for preferences. Proofs of the representation and uniqueness theorems appear at the ends of the chapters so as not to impede the flow of the discussion. A few warnings on notation are in order. The numbers for theorems cited within a chapter have no prefix if they appear in that chapter, but otherwise carry a chapter prefix (Theorem 3.2 is Theorem 2 in Chapter 3). All lower case Greek letters refer to numbers in the closed interval from o to 1. The same symbol in different chapters has essentially the same meaning with one major exception: x, y, ... mean quite different things in different chapters. I am indebted to many people for their help and encouragement.

Incentive Regulation for Public Utilities

Author : Michael A. Crew
Publisher : Springer
ISBN 13 : 9781461362029
Total Pages : 0 pages
Book Rating : 4.3/5 (62 download)

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Book Synopsis Incentive Regulation for Public Utilities by : Michael A. Crew

Download or read book Incentive Regulation for Public Utilities written by Michael A. Crew and published by Springer. This book was released on 2012-10-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is based on two seminars held at Rutgers on October 22, 1993, and May 6, 1994 entitled `Incentive Regulation for Public Utilities'. These contributions by leading scholars and practitioners represent some of the best new research in public utility economics and include topics such as the theory of incentive regulation, dynamic pricing, transfer pricing, issues in law and economics, pricing priority service, and energy utility resource planning.

The Economics of Public Utility Regulation

Author : Michael A. Crew
Publisher : MIT Press (MA)
ISBN 13 : 9780262031271
Total Pages : 316 pages
Book Rating : 4.0/5 (312 download)

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Book Synopsis The Economics of Public Utility Regulation by : Michael A. Crew

Download or read book The Economics of Public Utility Regulation written by Michael A. Crew and published by MIT Press (MA). This book was released on 1986 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics of Public Utility Regulationsurveys the large literature on the regulation of public utilities and provides industry studies with specific applications of the more general theories. The industries covered Include telecommunications, electricity, gas, and water. The authors explain the economic concepts involved And present a rich framework for understanding the institutional and administrative context of the regulatory process. Michael Crew and Paul Kleindorfer consolidated their reputations as experts in the field of regulated public utilities in 1979, when their book Public Utility Economicswas published. Since then, theoretical concepts for dealing with utilities have been significantly extended, and utilities themselves have been dramatically transformed. This new book presents an indispensible update. The opening section introduces the basic welfare foundations, including a neoclassical treatment of efficiency and equity and a development of the principles of the new institutional economics. These concepts are then employed to examine the problems of natural monopoly and regulation. The material on welfare-optimal pricing puts special emphasis on the peak-load pricing problem, which is shown to be pervasive in public utilities of all varieties. Both deterministic models and stochastic models of peak-load pricing are examined. Alternative governance structures for natural monopoly are evaluated in some detail, with the U.S. system of privately owned regulated monopolies and the predominant governance structure in the U.S. - rate-of-return regulation - receiving the greatest attention. The authors next take a close-up look at four specific public utilities focusing on pricing and efficiency. Michael A. Crew is Professor of Economics at the Graduate School of Management, Rutgers University. Paul R. Kleindorfer is Professor of Decision Sciences and Economics at the Wharton School, University of Pennsylvania, and Director of the Center for the Study of Organizational Innovation. The Economics of Public Utility Regulationis the thirteenth in the MIT Press Series on the Regulation of Economic Activity, edited by Richard Schmalensee.

Handbook of Utility Theory

Author : Salvador Barbera
Publisher : Springer Science & Business Media
ISBN 13 : 1402079648
Total Pages : 636 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Handbook of Utility Theory by : Salvador Barbera

Download or read book Handbook of Utility Theory written by Salvador Barbera and published by Springer Science & Business Media. This book was released on 2004-03-31 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of the social sciences. Though this hypothesis of utility maximization deserves our continued respect, finding further refinements and developing new critiques remain areas of active research. In fact, many fundamental conceptual problems remain unsettled. Where others have been resolved, their resolutions may be too recent to have achieved widespread understanding among social scientists. Last but not least, a growing number of papers attempt to challenge the rationality hypothesis head on, at least in its more orthodox formulation. The main purpose of this Handbook is to make more widely available some recent developments in the area. Yet we are well aware that the final chapter of a handbook like this can never be written as long as the area of research remains active, as is certainly the case with utility theory. The editors originally selected a list of topics that seemed ripe enough at the time that the book was planned. Then they invited contributions from researchers whose work had come to their attention. So the list of topics and contributors is largely the editors' responsibility, although some potential con tributors did decline our invitation. Each chapter has also been refereed, and often significantly revised in the light of the referees' remarks.

The Paradox of Choice

Author : Barry Schwartz
Publisher : Harper Collins
ISBN 13 : 0061748994
Total Pages : 308 pages
Book Rating : 4.0/5 (617 download)

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Book Synopsis The Paradox of Choice by : Barry Schwartz

Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.