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Autor:innen: 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Economics Discussion Papers No. 2012-32
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
The study tests the cardinal utility maximization hypothesis by an experimental procedure in a framework of utility scaling approach following the psychophysical-econometric paradigm, conceived in He (Psychophysical Interpretation for Utility Measures, 2011). It reveals (i) the utility maximization can be tested and has been supported by experimental results; (ii) the utility scaling approach following the psychophysical econometric paradigm offers a new foundation to discuss the utility concept; and (iii) it is necessary to distinguish the perception utility and emotion utility to respectively describe economic choices and enjoyment choices.
Schlagwörter: 
utility maximization
experiment
Klein-Rubin utility function
perception utility
emotion utility
JEL: 
A10
D01
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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