Evolution and Theoretical Implications of the Utility Concept

Giacomo Di Foggia (), Ugo Arrigo and Massimo Beccarello
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Giacomo Di Foggia: Department of Business and Law, University of Milano-Bicocca, 20126 Milan, Italy
Ugo Arrigo: Department of Business and Law, University of Milano-Bicocca, 20126 Milan, Italy
Massimo Beccarello: Department of Business and Law, University of Milano-Bicocca, 20126 Milan, Italy

Economies, 2025, vol. 13, issue 10, 1-20

Abstract: We review the evolution of the concept of utility in economics, addressing the conceptual and terminological fragmentation that characterises the interdisciplinary debate. This study adopts the scoping review framework to systematically analyse the main theoretical approaches, ranging from utility as preference to utility as subjective satisfaction and well-being. Particular attention is paid to procedural utility, i.e., the utility derived from the way decisions are made and interactions develop, divided into three areas: individual, linked to autonomy and self-determination; interpersonal, related to the quality of social relations; and institutional, referring to participation and recognition. The analysis is based on three aspects: (i) how different theoretical traditions have interpreted utility and well-being; (ii) what convergences and divergences emerge in the contemporary literature; (iii) and what implications these factors have for research and public policy. We highlight the complementarity between approaches and suggest extending economic reflection to dimensions that are central to the well-being of individuals and societies. The insights of this study have public policy implications, indicating that, through well-defined institutions, distributive justice, and welfare systems, taxpayers’ hedonic utility can be transformed into the chrematistic utility of beneficiaries.

Keywords: utility; well-being; preferences; happiness; procedural utility; outcome utility; economic theory; collective choices; public economics (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jecomi:v:13:y:2025:i:10:p:283-:d:1760563

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