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| Content Provider | Springer Nature Link |
|---|---|
| Author | Le Menestrel, Marc Van Wassenhove, Luk |
| Copyright Year | 2001 |
| Abstract | This paper proposes an exploration of the methodology of utility functions that distinguishes interpretation from representation. While representation univocally assigns numbers to the entities of the domain of utility functions, interpretation relates these entities with empirically observable objects of choice. This allows us to make explicit the standard interpretation of utility functions which assumes that two objects have the same utility if and only if the individual is indifferent among them. We explore the underlying assumptions of such an hypothesis and propose a non-standard interpretation according to which objects of choice have a well-defined utility although individuals may vary in the way they treat these objects in a specific context. We provide examples of such a methodological approach that may explain some reversal of preferences and suggest possible mathematical formulations for further research. |
| Starting Page | 329 |
| Ending Page | 349 |
| Page Count | 21 |
| File Format | |
| ISSN | 00405833 |
| Journal | Theory and Decision |
| Volume Number | 51 |
| Issue Number | 2-4 |
| e-ISSN | 15737187 |
| Language | English |
| Publisher | Kluwer Academic Publishers |
| Publisher Date | 2001-01-01 |
| Publisher Place | Dordrecht |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | Game Theory, Economics, Social and Behav. Sciences Economic Theory Game Theory/Mathematical Methods Operations Research/Decision Theory Methodology of the Social Sciences |
| Content Type | Text |
| Resource Type | Article |
| Subject | Arts and Humanities Economics, Econometrics and Finance Developmental and Educational Psychology Social Sciences Decision Sciences Applied Psychology Computer Science Applications |
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