Experimental test of utility maximization
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.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: Kiellinie 66, D-24105 Kiel|
Phone: +49 431 8814-1
Fax: +49 431 8814528
Web page: http://www.economics-ejournal.org/
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.:
- George J. Stigler, 1950.
"The Development of Utility Theory. II,"
Journal of Political Economy,
University of Chicago Press, vol. 58, pages 373.
- Steffen Andersen & Seda Ertac & Uri Gneezy & Moshe Hoffman & John List, 2011.
"Stakes matter in ultimatum games,"
Framed Field Experiments
00118, The Field Experiments Website.
- 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.
- L. R. Klein & H. Rubin, 1947. "A Constant-Utility Index of the Cost of Living," Review of Economic Studies, Oxford University Press, vol. 15(2), pages 84-87.
- Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
- Slovic, Paul & Lichtenstein, Sarah, 1983. "Preference Reversals: A Broader Perspective," American Economic Review, American Economic Association, vol. 73(4), pages 596-605, September.
- K. R. MacCrimmon & M. Toda, 1969. "The Experimental Determination of Indifference Curves," Review of Economic Studies, Oxford University Press, vol. 36(4), pages 433-451.
When requesting a correction, please mention this item's handle: RePEc:zbw:ifwedp:201232. 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: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.