The Problem with Utility: Towards a Non-Consequentialist / Utility Theory Synthesis
AbstractI develop the argument that our current decision-making framework, utility theory, when used by itself, is 1) descriptively incomplete, 2) theoretically flawed, and 2) ethically questionable. In response, I offer an exploratory framework that incorporates both consequentialist and non-consequentialist motivations. Adding a commitment function provides a synthesis which remedies the problems associated with the sole use of utility theory. Finally, I show how philosophers Immanuel Kant, W.D. Ross, and Martin Buber provide an ethical basis for the framework.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 1997-09.
Length: 22 pages
Date of creation: Aug 1997
Date of revision:
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- David E. M. Sappington, 1991. "Incentives in Principal-Agent Relationships," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 45-66, Spring.
- John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
- Cosgel, Metin M. & Minkler, Lanse, 2004.
"Rationality, integrity, and religious behavior,"
Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics),
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