The Thrill of Simplicity, The Agony of Realism: An Assessment of the Sport of Utility Theory‪.‬

INTRODUCTION A framework for analysis of the choices made by individuals is a necessity for theorists who wish to understand a population of individuals and their behavior. The way to form an effective framework is to specify a model of reality based on a set of axioms that govern the population's behavior. The postulates that form the foundation for utility theory precisely characterize a simple form of 'rational' behavior. This set of conditions forms the analytical framework with which general statements can be formulated explaining choices ultimately made in the marketplace.