Disentangling Motivational and Experiential Aspects of "Utility" - A Neuroeconomics Perspective
AbstractAlthough decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision makers' difficulties can be explained once the motivational aspects of utility ("wanting") are disentangled from the experiential ones ("liking") and the features of the different psychological processes involved are recognized.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2011-20.
Length: 19 pages
Date of creation: 22 Dec 2011
Date of revision:
Find related papers by JEL classification:
- D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-01-03 (All new papers)
- NEP-EVO-2012-01-03 (Evolutionary Economics)
- NEP-NEU-2012-01-03 (Neuroeconomics)
- NEP-UPT-2012-01-03 (Utility Models & Prospect Theory)
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