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Utility and Welfare: a review of concpets, and a proposal

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  • Cooper, P.

Abstract

What form of utility function can represent behaviour motivated by duty which leaves an agent worse off in material terms? In pursuit of an answer to this question, this paper investigates concepts of utility as explained in textbooks, and as discussed by earlier economists who were instrumental in the development of the economics of utility and welfare. It identifies some confusion of meaning between an agent's direct flow of satifaction from and simultaneous with an activity, and that agent's underlying level of well-being and satisfaction with life.

Suggested Citation

  • Cooper, P., 1997. "Utility and Welfare: a review of concpets, and a proposal," Papers 106, Portsmouth University - Department of Economics.
    • Handle: RePEc:fth:portec:106
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    More about this item

    Keywords

    UTILITY FUNCTION ; SOCIAL WELFARE;

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D6 - Microeconomics - - Welfare Economics
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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