Utility
: This article is about "utility" in economics and in game theory. For utility companies and similar concepts, see public utility. For utilities in computers, see computer software. See also Utility (patent)
Discussion and criticism
The theory of consumer choice has come under criticism from different angles. One is behavioral economics, where different experiments show that consumers have a higher loss aversion than preference for a related gain. Also, estimations for small probabilities and their utility payoffs are difficult for laypersons to estimate (See Matthew Rabin's homepage for some puzzles connected with consumer theory).
Related Topics:
Behavioral economics - Loss aversion - Matthew Rabin
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~ Table of Content ~
| ► | Introduction |
| ► | Cardinal and ordinal utility |
| ► | Utility functions |
| ► | Expected utility |
| ► | Discussion and criticism |
| ► | See also |
| ► | References and additional reading |
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