The Thrill of Simplicity, The Agony of Realism: An Assessment of the Sport of Utility Theory.
Journal of Economics and Economic Education Research 2000, Jan, 1, 1
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- 22,00 kr
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- 22,00 kr
Publisher Description
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.
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