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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.
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The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the
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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
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 re
