Utility Maximization, Choice and Preference

A classically rational subject is a maximiser: he chooses the best alternative(s) according to some utility function, a paradigm going back to the eighteenth century. One of the ways to overcome its well-known deficiences is to extend it to take into account insenitivity threshold as well as the context of choice.
This book gives a systematic overview on the extended utility maximisation theory covering the classic theory, the theory of utility maximisation within a context-free or context-dependent threshold, and the related preference and choice models.
The presented models will be helpful to specialists in economics, decision making theory,social choice theory, behavioral and cognitive sciences, and related fields.

The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. Since it was first devised in the eighteenth century, numerous examples have revealed the deficiencies of the concept. This book makes a contribution to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. It covers classic theory as a special, context-free case and gives a systematic overview of new models of utility maximization within a context-dependent threshold as well as related preference and choice models. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets. The presented models will be helpful to scientists in economics, decision making theory, social choice theory, behavioral and cognitive sciences, and related fields.

Includes supplementary material: sn.pub/extras

Contenu
Preference, Utility, and Choice: Classic Models.- Utility Maximization Within a Constant Threshold or a Threshold Depending on One Alternative.- Utility Maximization Within a Threshold Depending on Both Compared Alternatives.- Utility Maximization Within a Context-dependent Threshold.- Numerical Representation of Binary Relations on Infinite Sets.- Conclusion.