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Author: Fuad Aleskerov
Publisher: Springer Science & Business Media
ISBN: 3662049929
Category : Business & Economics
Languages : en
Pages : 226
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Book Description
The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.
Author: Fuad Aleskerov
Publisher: Springer Science & Business Media
ISBN: 3662049929
Category : Business & Economics
Languages : en
Pages : 226
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Book Description
The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.
Author: Fouad Sabry
Publisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 245
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Book Description
What is Utility Maximization Problem Jeremy Bentham and John Stuart Mill, both utilitarian philosophers, were the ones who initially devised the concept of utility maximization. The utility maximization problem is a challenge that consumers encounter in the field of microeconomics. This problem pertains to the question, "How should I spend my money in order to maximize my utility?" It falls within the category of optimal choice problems. It is the process of deciding how much of each available commodity or service to consume, taking into account a limitation on overall spending (income), the cost of the goods, and the preferences of the individual. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Utility maximization problem Chapter 2: Utility Chapter 3: Indifference curve Chapter 4: Consumer choice Chapter 5: Budget constraint Chapter 6: Income-consumption curve Chapter 7: Marshallian demand function Chapter 8: Arrow-Debreu model Chapter 9: Fundamental theorems of welfare economics Chapter 10: Revealed preference Chapter 11: Indirect utility function Chapter 12: Hicksian demand function Chapter 13: Corner solution Chapter 14: Local nonsatiation Chapter 15: Sonnenschein-Mantel-Debreu theorem Chapter 16: Competitive equilibrium Chapter 17: Quasilinear utility Chapter 18: Preference (economics) Chapter 19: Fair item allocation Chapter 20: Dixit-Stiglitz model Chapter 21: Abstract economy (II) Answering the public top questions about utility maximization problem. (III) Real world examples for the usage of utility maximization problem in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Utility Maximization Problem.
Author: Fouad Sabry
Publisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
What is Utility In economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world. Over time, the term has been used in two different meanings.The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism, by moral philosophers such as Jeremy Bentham and John Stuart Mill. In this context, the utilities of different people in the same state are comparable. In particular, one can compute the sum of all peoples' utilities in each state, and choose the state in which the sum is maximized; this leads to the utilitarian rule of social choice.The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a representation of a consumer's ordinal preferences over a choice set. In this context, utility is not comparable across different consumers or possessing a cardinal interpretation. In fact, every monotone transformation of a utility function represents the same ordinal ranking over the alternatives, and thus is equivalent from the neoclassical economics point of view. In game theory, too, utility is used in the same meaning. This concept of utility is personal and based on choice rather than on pleasure received, and so requires fewer behavioral assumptions than the original concept. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Utility Chapter 2: Indifference curve Chapter 3: Arrow's impossibility theorem Chapter 4: Social welfare function Chapter 5: Consumer choice Chapter 6: Welfare economics Chapter 7: Expected utility hypothesis Chapter 8: Utility maximization problem Chapter 9: Marshallian demand function Chapter 10: Ordinal utility Chapter 11: Cardinal utility Chapter 12: Revealed preference Chapter 13: Constant elasticity of substitution Chapter 14: Quasilinear utility Chapter 15: Von Neumann-Morgenstern utility theorem Chapter 16: Preference (economics) Chapter 17: Preference Chapter 18: Debreu's representation theorems Chapter 19: Multi-attribute utility Chapter 20: Dichotomous preferences Chapter 21: Responsive set extension (II) Answering the public top questions about utility. (III) Real world examples for the usage of utility in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Utility.
Author: Fouad Sabry
Publisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 245
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Book Description
What is Preference Economics In economics and other social sciences, the term "preference" refers to the order in which an agent ranks options based on their relative usefulness, often with the goal of finding the "optimal choice." Generally speaking, preferences are assessments that are concerned with considerations of value and are often related to practical reasoning. A person's preferences are not influenced by factors like as the costs of the commodities, their availability, or their own personal income; rather, they are decided solely by the individual's tastes, requirements, and other factors. Classical economics, on the other hand, relies on the assumption that individuals behave in their own best (rational) interest. Taking this scenario into consideration, logic would require that when an individual is presented with a choice, they will choose the alternative that optimizes their own self-interest. Preferences, on the other hand, are not necessarily transferable. This is due to the fact that actual people are not always rational, and also because preferences might form cycles under some circumstances, in which case there is no clearly defined best decision. The Efron dice are a good illustration of this. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Preference (economics) Chapter 2: Utility Chapter 3: Indifference curve Chapter 4: Arrow's impossibility theorem Chapter 5: Social welfare function Chapter 6: Consumer choice Chapter 7: Budget constraint Chapter 8: Marginal rate of substitution Chapter 9: Loss function Chapter 10: Expected utility hypothesis Chapter 11: Utility maximization problem Chapter 12: Ordinal utility Chapter 13: Cardinal utility Chapter 14: Revealed preference Chapter 15: Sonnenschein-Mantel-Debreu theorem Chapter 16: Quasilinear utility Chapter 17: Utility-possibility frontier Chapter 18: Von Neumann-Morgenstern utility theorem Chapter 19: Preference Chapter 20: Debreu's representation theorems Chapter 21: Overtaking criterion (II) Answering the public top questions about preference economics. (III) Real world examples for the usage of preference economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of preference economics.
Author: Patrick M. Emerson
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Book Description
Author: Fouad Sabry
Publisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 271
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Book Description
What is Consumer Choice The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption, by maximizing utility subject to a consumer budget constraint.Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Consumer choice Chapter 2: Utility Chapter 3: Indifference curve Chapter 4: Budget constraint Chapter 5: Substitute good Chapter 6: Marginal rate of substitution Chapter 7: Income-consumption curve Chapter 8: Substitution effect Chapter 9: Law of demand Chapter 10: Utility maximization problem Chapter 11: Marshallian demand function Chapter 12: Revealed preference Chapter 13: Hicksian demand function Chapter 14: Corner solution Chapter 15: Relative price Chapter 16: Local nonsatiation Chapter 17: Quasilinear utility Chapter 18: Homothetic preferences Chapter 19: Preference (economics) Chapter 20: Robinson Crusoe economy Chapter 21: Linear utility (II) Answering the public top questions about consumer choice. (III) Real world examples for the usage of consumer choice in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Consumer Choice.
Author: Salvador Barbera
Publisher: Springer Science & Business Media
ISBN: 9780792381747
Category : Business & Economics
Languages : en
Pages : 714
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Book Description
The standard rationality hypothesis implies that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of social sciences. Though the utility maximization hypothesis is venerable, it remains an area of active research. Moreover, some fundamental conceptual problems remain unresolved, or at best have resolutions that are too recent to have achieved widespread understanding among social scientists. The main purpose of the Handbook of Utility Theory is to make recent developments in the area more accessible. The editors selected a number of specific topics, and invited contributions from researchers whose work had come to their attention. Therefore, the list of topics and contributions is largely the editors' responsibility. Each contributor's chapter has been refereed, and revised according to the referees' remarks. This is the first volume of a two volume set, with the second volume focusing on extensions of utility theory.
Author: Christopher P. Chambers
Publisher: Cambridge University Press
ISBN: 1107087805
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.
Author: Sam Cosaert
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
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Book Description
Author: Mark Machina
Publisher: Newnes
ISBN: 0444536868
Category : Business & Economics
Languages : en
Pages : 897
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Book Description
The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
