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Disentangling Motivational and Experiential Aspects of "Utility" - A Neuroeconomics Perspective

Ulrich Witt and Martin Binder ()

Papers on Economics and Evolution from Philipps University Marburg, Department of Geography

Abstract: Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional 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 psychological 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)
Pages: 19 pages
Date: 2011-12-22
New Economics Papers: this item is included in nep-evo, nep-neu and nep-upt
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Citations: View citations in EconPapers (2) Track citations by RSS feed

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ftp://137.248.191.199/RePEc/esi/discussionpapers/2011-20.pdf (application/pdf)

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Journal Article: Disentangling motivational and experiential aspects of “utility” – A neuroeconomics perspective (2013) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:esi:evopap:2011-20

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