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Experimental test of utility maximization

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  • He, Yuqing
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    Abstract

    The study tests the cardinal utility maximization hypothesis by an experimental procedure in a framework of utility scaling approach following the psychophysical-econometric paradigm, conceived in He (Psychophysical Interpretation for Utility Measures, 2011). It reveals (i) the utility maximization can be tested and has been supported by experimental results; (ii) the utility scaling approach following the psychophysical econometric paradigm offers a new foundation to discuss the utility concept; and (iii) it is necessary to distinguish the perception utility and emotion utility to respectively describe economic choices and enjoyment choices. --

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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2012-32.

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    Date of creation: 2012
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    Handle: RePEc:zbw:ifwedp:201232

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    Related research

    Keywords: utility maximization; experiment; Klein-Rubin utility function; perception utility; emotion utility;

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    1. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
    2. MacCrimmon, K R & Toda, M, 1969. "The Experimental Determination of Indifference Curves," Review of Economic Studies, Wiley Blackwell, vol. 36(108), pages 433-51, October.
    3. George J. Stigler, 1950. "The Development of Utility Theory. II," Journal of Political Economy, University of Chicago Press, vol. 58, pages 373.
    4. Slovic, Paul & Lichtenstein, Sarah, 1983. "Preference Reversals: A Broader Perspective," American Economic Review, American Economic Association, vol. 73(4), pages 596-605, September.
    5. Steffen Andersen & Uri Gneezy & Moshe Hoffman & Seda Ertac & John List, 2011. "Stakes matter in ultimatum games," Framed Field Experiments 00118, The Field Experiments Website.
    6. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    7. Kahneman, Daniel & Wakker, Peter P & Sarin, Rakesh, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 375-405, May.
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