Utility Maximization, Choice and Preference formatIsbn:Hardcover - 9783540341826 1 Determining output

1 Determining output

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Utility Maximization, Choice and Preference formatIsbn:Hardcover - 9783540341826 1 Determining outputThe utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. Since it was first devised in the eighteenth century, numerous examples have revealed the deficiencies of the concept. This book makes a contribution to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. It covers classic theory as a special, context free case and gives a