IDEAS home Printed from https://ideas.repec.org/a/kap/jbioec/v18y2016i3d10.1007_s10818-016-9235-6.html
   My bibliography  Save this article

The transformations of utility theory: a behavioral perspective

Author

Listed:
  • Ulrich Witt

    (Max Planck Institute for Science of Human History
    Griffith University)

Abstract

The aim of this paper is threefold. First, it reappraises the major transformations which the utilitarian approach to human behavior has undergone in economics in search for a representation by utility functions and later by preference orders. Second, in the light of today’s behavioral and human sciences, an attempt is made to restore some elements of early utilitarianism that were abandoned in these transformations. Third, in line with the interest of the early utilitarians in both explaining behavior and elaborating on its moral assessment, the present paper also discusses some normative implications of the suggested restoration of utilitarian theory.

Suggested Citation

  • Ulrich Witt, 2016. "The transformations of utility theory: a behavioral perspective," Journal of Bioeconomics, Springer, vol. 18(3), pages 211-228, October.
    • Handle: RePEc:kap:jbioec:v:18:y:2016:i:3:d:10.1007_s10818-016-9235-6
    DOI: 10.1007/s10818-016-9235-6
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10818-016-9235-6
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10818-016-9235-6?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Daniel Kahneman & Peter P. Wakker & Rakesh Sarin, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(2), pages 375-406.
    2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    3. Nicholas Georgescu-Roegen, 1954. "Choice, Expectations and Measurability," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 68(4), pages 503-534.
    4. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
    5. Koo, Anthony Y C & Hasenkamp, Georg, 1972. "Structure of Revealed Preference: Some Preliminary Evidence," Journal of Political Economy, University of Chicago Press, vol. 80(4), pages 724-744, July-Aug..
    6. Sen, Amartya K, 1973. "Behaviour and the Concept of Preference," Economica, London School of Economics and Political Science, vol. 40(159), pages 241-259, August.
    7. George J. Stigler, 1950. "The Development of Utility Theory. II," Journal of Political Economy, University of Chicago Press, vol. 58, pages 373-373.
    8. Keuzenkamp, Hugo A. & Barten, Anton P., 1995. "Rejection without falsification on the history of testing the homogeneity condition in the theory of consumer demand," Journal of Econometrics, Elsevier, vol. 67(1), pages 103-127, May.
    9. Witt, Ulrich & Binder, Martin, 2013. "Disentangling motivational and experiential aspects of “utility” – A neuroeconomics perspective," Journal of Economic Psychology, Elsevier, vol. 36(C), pages 27-40.
    10. K. R. MacCrimmon & M. Toda, 1969. "The Experimental Determination of Indifference Curves," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 36(4), pages 433-451.
    11. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    12. Warke, Tom, 2000. "Mathematical Fitness in the Evolution of the Utility Concept from Bentham to Jevons to Marshall," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(1), pages 5-27, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jean-Sébastien Lenfant, 2018. "Probabilising the consumer: Georgescu-Roegen, Marschak and Quandt on the modelling of the consumer in the 1950s," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(1), pages 36-72, January.
    2. Carter, Steven & McBride, Michael, 2013. "Experienced utility versus decision utility: Putting the ‘S’ in satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 42(C), pages 13-23.
    3. Martin Binder, 2009. "Some Considerations Regarding the Problem of Multidimensional Utility," Jena Economics Research Papers 2009-099, Friedrich-Schiller-University Jena.
    4. Klaus Wälde & Agnes Moors, 2016. "Current Emotion Research in Economics," Working Papers 1612, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz.
    5. J. Huston McCulloch, 1977. "The Austrian Theory of the Marginal Use And of Ordinal Marginal Utility," NBER Working Papers 0170, National Bureau of Economic Research, Inc.
    6. Daniel McFadden, 2014. "The new science of pleasure: consumer choice behavior and the measurement of well-being," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 2, pages 7-48, Edward Elgar Publishing.
    7. Klaus Wälde, 2016. "Emotion Research in Economics," CESifo Working Paper Series 5982, CESifo.
    8. Daniel L. McFadden, 2013. "The New Science of Pleasure," NBER Working Papers 18687, National Bureau of Economic Research, Inc.
    9. Kaus, Wolfhard, 2013. "Beyond Engel's law - A cross-country analysis," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 118-134.
    10. Binder, Martin, 2006. "Evolutionary Economics and Moral Relativism - Some Thoughts," MPRA Paper 1484, University Library of Munich, Germany.
    11. Jimy Ferrer Carbonell & Roberto Escalante Semerena, 2014. "Demanda de gasolina en la zona metropolitana del Valle de México: análisis empírico de la reducción del subsidio," Revista de Economía del Rosario, Universidad del Rosario, June.
    12. He, Yuqing, 2012. "Experimental test of utility maximization," Economics Discussion Papers 2012-32, Kiel Institute for the World Economy (IfW Kiel).
    13. Daniela Kletzan & Angela Köppl & Kurt Kratena & Stefan Schleicher & Michael Wüger, 2002. "Modelling Sustainable Consumption. From Theoretical Concepts to Policy Guidelines," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 29(2), pages 131-144, June.
    14. Ulrich Witt, 2006. "Evolutionary Economics and Psychology," Papers on Economics and Evolution 2006-13, Philipps University Marburg, Department of Geography.
    15. Floris Heukelom, 2007. "Kahneman and Tversky and the Origin of Behavioral Economics," Tinbergen Institute Discussion Papers 07-003/1, Tinbergen Institute.
    16. Che-Yuan Liang, 2017. "Optimal inequality behind the veil of ignorance," Theory and Decision, Springer, vol. 83(3), pages 431-455, October.
    17. Irz, Xavier & Mazzocchi, Mario & Réquillart, Vincent & Soler, Louis-Georges, 2015. "Research in Food Economics: past trends and new challenges," Revue d'Etudes en Agriculture et Environnement, Editions NecPlus, vol. 96(01), pages 187-237, March.
    18. Chavas, Jean-Paul, 2013. "On Demand Analysis and Dynamics: A Benefit Function Approach," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 149683, Agricultural and Applied Economics Association.
    19. Martin Cincibuch & Jiří Podpiera, 2006. "Beyond Balassa–Samuelson: Real appreciation in tradables in transition countries1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(3), pages 547-573, July.
    20. Kalaitzandonakes, Nicholas & Lusk, Jayson & Magnier, Alexandre, 2018. "The price of non-genetically modified (non-GM) food," Food Policy, Elsevier, vol. 78(C), pages 38-50.

    More about this item

    Keywords

    Utility; Preferences; Utilitarianism; Motivation; Needs; Reinforcement learning; Goal striving;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jbioec:v:18:y:2016:i:3:d:10.1007_s10818-016-9235-6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.