SHOULD THE UTILITY FUNCTION BE DITCHED?

Dominique, C-Rene (2007): SHOULD THE UTILITY FUNCTION BE DITCHED?

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Well-ordered Preference Relation, C2 Utility Function, Well-defined Individual Demand Function, and Neuroeconomics
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B40 - General; A - General Economics and Teaching > A1 - General Economics > A12 - Relation of Economics to Other Disciplines; A - General Economics and Teaching > A1 - General Economics > A10 - General

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