Theory and Decision 51 (2/4):329-349 (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
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Keywords | Utility representation interpretation preference reversal |
Categories | (categorize this paper) |
DOI | 10.1023/A:1015563228687 |
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References found in this work BETA
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Social Choice and Individual Values. By Irving M. Copi.Kenneth J. Arrow - 1951 - Ethics 62 (3):220-222.
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Experiments in Economics: Should We Trust the Dismal Scientists in White Coats?Chris Starmer - 1999 - Journal of Economic Methodology 6 (1):1-30.
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Citations of this work BETA
Framing Effects as Violations of Extensionality.Sacha Bourgeois-Gironde & Raphaël Giraud - 2009 - Theory and Decision 67 (4):385-404.
On Glasses Half Full or Half Empty: Understanding Framing Effects in Terms of Default Implicatures.María Caamaño-Alegre - 2021 - Synthese 199 (3-4):11133-11159.
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