Economics Dictionary of ArgumentsHome
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Axiomatic Utility Theory on Utility - Dictionary of Arguments
Norgaard I 298 Def Utility/Axiomatic Utility Theory: ‘Utility’ in contemporary economics is perhaps most accurately understood as ‘that which represents a person's preferences’ (Broome 1991(1): 3) (see also Harsanyi 1977(2)). This is ‘axiomatic utility theory’, in which the concept of utility means nothing more and nothing less than the value taken by a function describing a person's preferences over a set of alternative goods and services. These preferences must conform to a set of axioms; hence axiomatic utility theory. 1. Broome, J. 1991. Utility. Economics and Philosophy 7: 1–12. 2. Harsanyi, J. C. 1977. Rational Behavior and Bargaining Equilibrium in Games and Social Situations. Cambridge: Cambridge University Press. Dietz, Simon: “From Efficiency to Justice: Utility as the Informational Basis for Climate Strategies, and Some Alternatives”, In: John S. Dryzek, Richard B. Norgaard, David Schlosberg (eds.) (2011): The Oxford Handbook of Climate Change and Society. Oxford: Oxford University Press._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Axiomatic Utility Theory Norgaard I Richard Norgaard John S. Dryzek The Oxford Handbook of Climate Change and Society Oxford 2011 |
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