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Should The Utility Function Be Ditched?

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Author Info
Dominique, C-Rene

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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.

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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5987.

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Date of creation: 27 Nov 2007
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Handle: RePEc:pra:mprapa:5987

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Related research
Keywords: Well-ordered Preference Relation; C2 Utility Function; Well-defined Individual Demand Function; and Neuroeconomics.;

Find related papers by JEL classification:
B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
A10 - General Economics and Teaching - - General Economics - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Schmeidler, David, 1971. "A Condition for the Completeness of Partial Preference Relations," Econometrica, Econometric Society, vol. 39(2), pages 403-04, March.
  2. Shafer, Wayne J, 1974. "The Nontransitive Consumer," Econometrica, Econometric Society, vol. 42(5), pages 913-19, September. [Downloadable!] (restricted)
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