Utility Maximization, Choice and Preference [Hardcover]

The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.

Preference, Utility, and Choice: Classic Models.- Utility Maximization Within a Constant Threshold or a Threshold Depending on One Alternative.- Utility Maximization Within a Threshold Depending on Both Compared Alternatives.- Utility Maximization Within a Context-dependent Threshold.- Numerical Representation of Binary Relations on Infinite Sets.- Conclusion.

From the reviews of the second edition:

The book provides an excellent account of many aspects of the theory of preference, utility, and choice, in particular in the finite case. It provides valuable information for researchers as well as a sound basis for a graduate course & . (Douglas S. Bridges, Siam Review, Vol. 50 (3), 2008)

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