Utility theory — explaining everything and nothing

Created
Tue, 05/03/2024 - 21:26
Updated
Tue, 05/03/2024 - 21:26
Despite the rise of behavioral economics, many economists still believe that utility maximization is a good explanation of human behavior. Although evidence from experimental economics and elsewhere has rolled back the assumption that human agents are entirely self-interested, and shown that altruism and cooperation are important, a prominent response has been to modify individual preference […]

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