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Title:Disentangling motivational and experiential aspects of "Utility": A neuroeconomics perspective PDF Logo
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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