The Problem with Utility: Towards a Non-Consequentialist / Utility Theory Synthesis
I 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.
|Date of creation:||Aug 1997|
|Date of revision:|
|Contact details of provider:|| Postal: University of Connecticut 365 Fairfield Way, Unit 1063 Storrs, CT 06269-1063|
Phone: (860) 486-4889
Fax: (860) 486-4463
Web page: http://www.econ.uconn.edu/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Brennan, Timothy J., 1989. "A Methodological Assessment of Multiple Utility Frameworks," Economics and Philosophy, Cambridge University Press, vol. 5(02), pages 189-208, October.
- John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
- Hausman, Daniel M & McPherson, Michael S, 1993. "Taking Ethics Seriously: Economics and Contemporary Moral Philosophy," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 671-731, June.
- Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
- Klein, Benjamin & Crawford, Robert G & Alchian, Armen A, 1978. "Vertical Integration, Appropriable Rents, and the Competitive Contracting Process," Journal of Law and Economics, University of Chicago Press, vol. 21(2), pages 297-326, October.
- Alchian, Armen A & Demsetz, Harold, 1972.
"Production , Information Costs, and Economic Organization,"
American Economic Review,
American Economic Association, vol. 62(5), pages 777-95, December.
- Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
- David E. M. Sappington, 1991. "Incentives in Principal-Agent Relationships," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 45-66, Spring.
- Etzioni, Amitai, 1986. "The Case for a Multiple-Utility Conception," Economics and Philosophy, Cambridge University Press, vol. 2(02), pages 159-184, October.
- Lutz, Mark A., 1993. "The Utility of Multiple Utility: A Comment on Brennan," Economics and Philosophy, Cambridge University Press, vol. 9(01), pages 145-154, April.
When requesting a correction, please mention this item's handle: RePEc:uct:uconnp:1997-09. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark McConnel)
If references are entirely missing, you can add them using this form.