New Economics Papers
on Neuroeconomics
Issue of 2012‒07‒29
one paper chosen by

  1. Experimental test of utility maximization By He, Yuqing

  1. By: He, Yuqing
    Abstract: The study tests the cardinal utility maximization hypothesis by an experimental procedure in a framework of utility scaling approach following the psychophysical-econometric paradigm, conceived in He (Psychophysical Interpretation for Utility Measures, 2011). It reveals (i) the utility maximization can be tested and has been supported by experimental results; (ii) the utility scaling approach following the psychophysical econometric paradigm offers a new foundation to discuss the utility concept; and (iii) it is necessary to distinguish the perception utility and emotion utility to respectively describe economic choices and enjoyment choices. --
    Keywords: utility maximization,experiment,Klein-Rubin utility function,perception utility,emotion utility
    JEL: A10 D01
    Date: 2012

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