Disentangling motivational and experiential aspects of “utility” – A neuroeconomics perspective

Ulrich Witt and Martin Binder

Journal of Economic Psychology, 2013, vol. 36, issue C, 27-40

Abstract: Although decision makers are often reported to have difficulties in making comparisons between multidimensional decision outcomes, economic theory assumes a unidimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision makers’ difficulties can be explained once the motivational aspects of utility (“wanting”) are disentangled from the experiential ones (“liking”) and the features of the different brain processes involved are recognized.

Keywords: Utility; Neuroeconomics; Index number problem; Wanting; Liking; Affective forecasting (search for similar items in EconPapers)
JEL-codes: B12 B41 D87 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (7)

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Related works:
Working Paper: Disentangling Motivational and Experiential Aspects of "Utility" - A Neuroeconomics Perspective (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:joepsy:v:36:y:2013:i:c:p:27-40

DOI: 10.1016/j.joep.2013.02.001

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