2007-12-01 papers

on Neuroeconomics

Issue of 2007‒12‒01
one paper chosen by
Daniela Raeva

SHOULD THE UTILITY FUNCTION BE DITCHED? By Dominique, C-Rene

By:	Dominique, C-Rene
Abstract:	This note takes a retrospective look at the Utility Construct still in use in economic science and compares it to a new approach based on recent findings in neuroscience. The results show that it is more natural and more compelling to go from the preference order to the price vector. Thus making the non-falsifiable utility apparatus superfluous.
Keywords:	Well-ordered Preference Relation; C2 Utility Function; Well-defined Individual Demand Function; and Neuroeconomics.
JEL:	B40 A12 A10
Date:	2007–11–27
URL:	http://d.repec.org/n?u=RePEc:pra:mprapa:5987&r=neu

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