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The First Challenge: Making Sense of Utility and Preference

José Luis Bermúdez

in Decision Theory and Rationality

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199548026
eISBN:
9780191720246
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199548026.003.0003
Subject:
Philosophy, Philosophy of Mind, Philosophy of Science

This chapter explores how the different dimensions of rationality impose conflicting requirements and constraints upon the central notions of decision theory — the notions of utility and preference. ... More


Empathy

Ken Binmore

in Natural Justice

Published in print:
2005
Published Online:
January 2007
ISBN:
9780195178111
eISBN:
9780199783670
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195178111.003.0008
Subject:
Economics and Finance, Microeconomics

Sympathy refers to caring about another to some degree as one cares for oneself. Empathy refers to the capacity to put yourself in the position of others to see things from their point of view. ... More


On two Points of View Regarding revealed Preference and behavioral Economics

RAN SPIEGLER

in The Foundations of Positive and Normative Economics: A Hand Book

Published in print:
2008
Published Online:
October 2011
ISBN:
9780195328318
eISBN:
9780199851768
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195328318.003.0004
Subject:
Economics and Finance, Economic History

Certain methodological debates regarding behavioral economics seem to involve, more often than not, the notion of revealed preferences. As part of philosophical tradition, the principle of revealed ... More


Revealed Preference

Hal R. Varian

in Samuelsonian Economics and the Twenty-First Century

Published in print:
2006
Published Online:
January 2009
ISBN:
9780199298839
eISBN:
9780191711480
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199298839.003.0007
Subject:
Economics and Finance, History of Economic Thought

This chapter emphasizes the utility maximization of Samuelson's Revealed Preference Theory. It looks for consistency, form, forecasting, and recoverability criteria within the theory. It concludes ... More


 Accounting for Tastes

Ken Binmore

in Playing for Real: Game Theory

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195300574
eISBN:
9780199783748
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195300574.003.0004
Subject:
Economics and Finance, Microeconomics

This chapter explains the meaning of the payoffs that are used to quantify the outcomes of games. The theory of revealed preference assumes only that players are consistent. With appropriate ... More


Processes of Choice

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0003
Subject:
Economics and Finance, Microeconomics

This chapter deals with choice functions and preferences, and with the search and elimination processes involved in making a choice. Its five sections are: search and elimination; binary choice; ... More


Revealed Mistakes and Revealed Preferences

BOTOND KöSZEGI and MATTHEW RABIN

in The Foundations of Positive and Normative Economics: A Hand Book

Published in print:
2008
Published Online:
October 2011
ISBN:
9780195328318
eISBN:
9780199851768
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195328318.003.0008
Subject:
Economics and Finance, Economic History

Because some are not able to assess all the possible options for making a decision of an action, people often defy one of the most fundamental and traditional concepts in economics by going for an ... More


Algebra of Revealed Preference

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0008
Subject:
Economics and Finance, Microeconomics

This is the second of six chapters in Part II about demand and utility cost, a typical area for what is understood as choice theory. It discusses the algebra of revealed preference. Its seven ... More


Social Order

Joseph Heath

in Following the Rules: Practical Reasoning and Deontic Constraint

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195370294
eISBN:
9780199871230
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195370294.003.0003
Subject:
Philosophy, Logic/Philosophy of Mathematics

The bulk of this chapter constitutes a critical survey of the various efforts that have been made to resolve the problem of order without abandoning a strictly instrumental conception of rationality. ... More


About Choice

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0002
Subject:
Economics and Finance, Microeconomics

The chapter is concerned with the generalities of choice and the optimum. Its eight sections are: forming a choice; demand as choice; choice functions; the optimum; optimal choice functions; revealed ... More


Should health gains by children be given the same value as health gains by adults in an economic evaluation framework?

Stavros Petrou

in Economic Evaluation in Child Health

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199547494
eISBN:
9780191720055
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199547494.003.15
Subject:
Public Health and Epidemiology, Public Health, Epidemiology

Evidence suggesting that a unit of health gain by a child is not of equal value to a unit of health gain by an adult would suggest that age should be considered as an important criterion in health ... More


Some Thoughts on the Principle of Revealed Preference

ARIEL RUBINSTEIN and YUVAL SALANT

in The Foundations of Positive and Normative Economics: A Hand Book

Published in print:
2008
Published Online:
October 2011
ISBN:
9780195328318
eISBN:
9780199851768
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195328318.003.0005
Subject:
Economics and Finance, Economic History

An individual decision maker is described by a number of economic theorists using three concepts: 1) a collection of objects wherein one is not required to recognize something in an objective manner; ... More


Democratic Choice

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0004
Subject:
Economics and Finance, Microeconomics

The chapter discusses group choice. It is seen that, with group choice determined as a function of individual choices, democratically required neutralities inevitably lead to the ordinary voting ... More


Consumer Response to Mandated Labeling of Genetically Modified Foods

Nicholas Kalaitzandonakes, Leonie A. Marks, and Steven S. Vickner

in Labeling Genetically Modified Food: The Philosophical and Legal Debate

Published in print:
2008
Published Online:
January 2008
ISBN:
9780195326864
eISBN:
9780199870325
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195326864.003.0007
Subject:
Philosophy, Moral Philosophy

This chapter presents market data showing that consumers are not willing to pay a premium for non-GM food when given a choice between GM and non-GM food. Its data come from the Netherlands and China, ... More


Utility Hypothesis

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0007
Subject:
Economics and Finance, Microeconomics

This is the first of six chapters in Part II about demand and utility cost, a typical area for what is understood as choice theory. It discusses utility hypothesis and the theory of value. Its five ... More


From Utility to Happiness

Gilles Saint-Paul

in The Tyranny of Utility: Behavioral Social Science and the Rise of Paternalism

Published in print:
2011
Published Online:
October 2017
ISBN:
9780691128177
eISBN:
9781400838899
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691128177.003.0006
Subject:
Economics and Finance, History of Economic Thought

This chapter suggests using some direct measure of individual well-being, such as happiness, as the basis of a theory of individual welfare. The recent literature on behavioral economics includes a ... More


Economic Kinds: Understanding the Abstractions and Esthetics of Economic Thought

Paul W. Glimcher

in Foundations of Neuroeconomic Analysis

Published in print:
2010
Published Online:
January 2011
ISBN:
9780199744251
eISBN:
9780199863433
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199744251.003.0003
Subject:
Psychology, Neuropsychology

This chapter provides an overview of the key ideas—the logical primitives—that make up much of microeconomic theory. Topics discussed include the decision models of classical economics, Bernoulli's ... More


Samuelson's “Dr. Jekyll and Mrs. Jekyll” Problem: A Difficulty in the Concept of the Consumer

Robert A. Pollak

in Samuelsonian Economics and the Twenty-First Century

Published in print:
2006
Published Online:
January 2009
ISBN:
9780199298839
eISBN:
9780191711480
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199298839.003.0008
Subject:
Economics and Finance, History of Economic Thought

This chapter describes a rich number of cases in which Samuelson distinguishes between the individual and the family as the consuming agent. The idea that the family demand function can be consistent ... More


The valuation of ecosystem services

Edward B. Barbier, Stefan Baumgärtner, Kanchan Chopra, Christopher Costello, Anantha Duraiappah, Rashid Hassan, Ann P. Kinzig, Markus Lehman, Unai Pascual, Stephen Polasky, and Charles Perrings

in Biodiversity, Ecosystem Functioning, and Human Wellbeing: An Ecological and Economic Perspective

Published in print:
2009
Published Online:
September 2009
ISBN:
9780199547951
eISBN:
9780191720345
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199547951.003.0018
Subject:
Biology, Ecology, Biodiversity / Conservation Biology

By harnessing recent results on the relationship between biodiversity and ecosystem functioning to an assessment of the valued services that people obtain from the natural environment, the Millennium ... More


Economic Decisions and Institutional Boundaries

Evelyn Korn and Johannes Ziesecke

in Comparative Decision Making

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199856800
eISBN:
9780199301508
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199856800.003.0002
Subject:
Psychology, Cognitive Neuroscience

Microeconomics is one of the oldest and best-developed approaches to understanding decision making and is thus a fitting topic to begin this survey. The authors present Homo economicus, the perfectly ... More


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