Arbeitspapier
Experimental test of utility maximization
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.
- Language
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Englisch
- Bibliographic citation
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Series: Economics Discussion Papers ; No. 2012-32
- Classification
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Wirtschaft
General Economics: General
Microeconomic Behavior: Underlying Principles
- Subject
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utility maximization
experiment
Klein-Rubin utility function
perception utility
emotion utility
- Event
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Geistige Schöpfung
- (who)
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He, Yuqing
- Event
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Veröffentlichung
- (who)
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Kiel Institute for the World Economy (IfW)
- (where)
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Kiel
- (when)
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2012
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- He, Yuqing
- Kiel Institute for the World Economy (IfW)
Time of origin
- 2012
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General Revealed Preference Tests of Weak Separability and Utility Maximization with Incomplete Adjustment
Robust utility maximization in a stochastic factor model
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