Introducing Procedural Utility: Not Only What, but Also How Matters
Bruno Frey (),
Matthias Benz and
Alois Stutzer ()
Journal of Institutional and Theoretical Economics (JITE), 2004, vol. 160, issue 3, 377-401
People not only care about outcomes; they also value the procedures that lead to the outcomes. Procedural utility is an important source of human well-being. This paper aims at introducing the concept of procedural utility into economics, and argues that it should be incorporated more widely into economic theory and empirical research. Three building blocks of a concept of procedural utility are outlined, and it is suggested how procedural utility can be fruitfully integrated. Evidence from a broad range of social sciences is reviewed in order to show that procedural utility is a relevant concept for economics.
JEL-codes: A00 A12 D60 D70 (search for similar items in EconPapers)
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