Austrian economists differ with the economic mainstream in many ways, but the break on utility theory is especially critical ...

In economics, the utility function measures the welfare or satisfaction of a consumer as a function of the consumption of real goods, such as food or clothing. Utility function is widely used in ...

Green, Jerry R. "'Making Book Against Oneself,' the Independence Axiom, and Non-Linear Utility Theory." Quarterly Journal of Economics 102, no. 4 (November 1987): 785–796.

This is a preview. Log in through your library . Abstract Rabin (Econometrica 68(5): 1281-1292, 2000) argues that, under expected-utility, observed risk aversion over modest stakes implies extremely ...