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A Short History of Utility

In: Behavioural Economics

Author

Listed:
  • Han Bleichrodt

    (University of Alicante)

Abstract

In Chap. 2 we saw how utility can be derived if the preference relation $$\succcurlyeq $$ ≽ satisfies completeness and transitivity (and what can still be done if these conditions are relaxed). This utility concept only orders alternatives and has no psychological meaning. However, economists have not always seen utility this way. In this chapter, I give a short overview of the evolution of the concept of utility from the classical economists to the now dominant neoclassical view. It prepares for the next chapter where we will see that behavioural economics can be seen as a return to a more classical view of utility.

Suggested Citation

  • Han Bleichrodt, 2025. "A Short History of Utility," Springer Books, in: Behavioural Economics, chapter 0, pages 29-49, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-69166-9_3
    DOI: 10.1007/978-3-031-69166-9_3
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