The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. Since it was first devised in the eighteenth century, numerous examples have revealed the deficiencies of the concept. This book makes a contribution to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. It covers classic theory as a special, context-free case and gives a systematic overview of new models of utility maximization within a context-dependent threshold as well as related preference and choice models. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets. The presented models will be helpful to scientists in economics, decision making theory, social choice theory, behavioral and cognitive sciences, and related fields.

Includes supplementary material: sn.pub/extras

Autorentext

Fuad Aleskerov is the Head of the International Centre of Decision Analysis and Choice, the Head of the Department of Mathematics for Economics at the National Research University Higher School of Economics in Moscow, Russia, the Head of the Laboratory of Choice Theory and Decision Analysis at the Institute of Control Sciences of the Russian Academy of Sciences, and a Member of Academia Europaea among other scientific societies. He is the author of 12 books and more than 200 articles. Olga Khutorskaya is a Senior Researcher at the Institute of Control Sciences of Russian Academy of Sciences. She is a specialist on medical cybernetics, an author of more than 60 articles and 2 patents in the field related to Parkinson’s disease and other neurodegenerative diseases. Anna Stepochkina is a Researcher at the International Centre of Decision Choice and Analysis at the Higher School of Economics in Moscow,Russia. She specializes in the analysis of network and bibliometric data, particularly in data preprocessing, centrality and stability analysis. Her publications focus on the network analysis of scientific research on Parkinson's disease. Viacheslav Yakuba is a Senior Researcher at the Institute of Control Sciences of the Russian Academy of Sciences and at the International Centre of Decision Choice and Analysis at the Higher School of Economics in Moscow, Russia. His current research interests focus on centrality analysis of networks as well as software implementation of the algorithms of newly developed centrality and stability indices in the networks. He has over 70 publications. Ksenia Zinovyeva is a Researcher at the International Centre of Decision Choice and Analysis at the Higher School of Economics in Moscow, Russia. Her work primarily focuses on network analysis, with a special emphasis in the field of bibliometric analysis. She has published several articles exploring citation patterns in publications related to Parkinson's disease research.

Inhalt
Preference, Utility, and Choice: Classic Models.- Utility Maximization Within a Constant Threshold or a Threshold Depending on One Alternative.- Utility Maximization Within a Threshold Depending on Both Compared Alternatives.- Utility Maximization Within a Context-dependent Threshold.- Numerical Representation of Binary Relations on Infinite Sets.- Conclusion.