Disentangling motivational and experiential aspects of "utility" - a neuroeconomics perspective

Witt, Ulrich and Binder, Martin (2013) Disentangling motivational and experiential aspects of "utility" - a neuroeconomics perspective. Journal of Economic Psychology, 36. 27- 40. ISSN 0167-4870

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Abstract

Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a unidimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision makers' difficulties can be explained once the motivational aspects of utility ("wanting") are disentangled from the experiential ones ("liking") and the features of the different brain processes involved are recognized

Item Type: Article
Keywords: affective forecasting
Schools and Departments: School of Business, Management and Economics > SPRU - Science Policy Research Unit
Subjects: H Social Sciences
Depositing User: Martin Binder
Date Deposited: 25 Feb 2013 07:37
Last Modified: 03 Apr 2013 10:57
URI: http://sro.sussex.ac.uk/id/eprint/43820
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