Some Considerations Regarding the Problem of Multidimensional Utility

Martin Binder

No 2009-099, Jena Economics Research Papers from Friedrich-Schiller-University Jena

Abstract: The concept of 'utility' is often used in ambiguous ways in economics, from having substantive psychological connotations to being a formal placeholder representing a person's preferences. In the accounts of the early utilitarians, it was a multidimensional measure that has been condensed during the marginalist revolution into the unidimensional measure we know today. But can we compare different pleasures? This paper assesses the evidence from psychology and neurosciences on how to best conceive of utility. It turns out that empirical evidence does not favor a view of multidimensional utility. This does not eliminate the possibility to make a normative argument supporting a multidimensional notion of utility.

Keywords: utility; pleasures; neuroeconomics; multidimensionality of utility (search for similar items in EconPapers)
JEL-codes: B12 B41 D87 (search for similar items in EconPapers)
Date: 2009-12-08
New Economics Papers: this item is included in nep-hpe and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:jrp:jrpwrp:2009-099

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