Utility Maximization, Choice and Preference, 2nd Edition

Authors: Professor Dr. Fuad Aleskerov, Professor Denis Bouyssou, Professor Bernard Monjardet



The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. Since it was first devised in the eighteenth century, numerous examples have revealed the deficiencies of the concept. This book makes a contribution to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. It covers classic theory as a special, context-free case and gives a systematic overview of new models of utility maximization within a context-dependent threshold as well as related preference and choice models. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets. The presented models will be helpful to scientists in economics, decision making theory, social choice theory, behavioral and cognitive sciences, and related fields.

Table of contents

Front Matter
Pages i-xii

Introduction
Pages 1-15

Preference, Utility, and Choice: Classic Models
Pages 17-52

Utility Maximization Within a Constant Threshold or a Threshold Depending on One Alternative
Pages 53-111

Utility Maximization Within a Threshold Depending on Both Compared Alternatives
Pages 113-143

Utility Maximization Within a Context-dependent Threshold
Pages 145-196

Numerical Representation of Binary Relations on Infinite Sets
Pages 197-244

Conclusion
Pages 245-254

Back Matter
Pages 255-283