SHOULD THE UTILITY FUNCTION BE DITCHED?

C-Rene Dominique

MPRA Paper from University Library of Munich, Germany

Abstract: This note takes a retrospective look at the Utility Construct still in use in economic science and compares it to a new approach based on recent findings in neuroscience. The results show that it is more natural and more compelling to go from the preference order to the price vector. Thus making the non-falsifiable utility apparatus superfluous.

Keywords: Well-ordered Preference Relation; C2 Utility Function; Well-defined Individual Demand Function; and Neuroeconomics (search for similar items in EconPapers)
JEL-codes: A10 A12 B40 (search for similar items in EconPapers)
Date: 2007-11-27
New Economics Papers: this item is included in nep-neu and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:5987

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