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Vom Irrglauben an Nutzenmaximierer. Die Rolle der Erwartungsnutzenmaximierung für rationale und ethische Entscheidungen

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  • Hoffmann, Christian Hugo

Abstract

The principle of maximizing utility is often considered the gold standard for decision-making. The claim that decision-makers can make optimal decisions rests, however, first on assumptions that are not plausible. Secondly, complex strategies including the crude pursuit of maximal utility are inferior to simple heuristics in a complex environment. Finally, we highlight that maximization is not only not feasible for poorly defined problems but also with respect to well-defined games.

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  • Hoffmann, Christian Hugo, 2021. "Vom Irrglauben an Nutzenmaximierer. Die Rolle der Erwartungsnutzenmaximierung für rationale und ethische Entscheidungen," Zeitschrift für Wirtschafts- und Unternehmensethik - Journal for Business, Economics & Ethics, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 22(2), pages 312-331.
    • Handle: RePEc:nms:ethics:10.5771/1439-880x-2021-2-312
    DOI: 10.5771/1439-880X-2021-2-312
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