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| Title: | | Disentangling motivational and experiential aspects of "Utility": A neuroeconomics perspective  |
| Authors: | | Witt, Ulrich Binder, Martin |
| Issue Date: | | 2011 |
| Series/Report no.: | | Papers on economics and evolution 1120 |
| Abstract: | | Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision makers' difficulties can be explained once the motivational aspects of utility (wanting) are disentangled from the experiential ones (liking) and the features of the different psychological processes involved are recognized. |
| Subjects: | | utility neuroeconomics index number problem wanting liking affective forecasting |
| JEL: | | D87 B41 B12 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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