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

journal contribution
posted on 2023-06-08, 14:27 authored by Ulrich Witt, Martin Binder
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

History

Publication status

  • Published

Journal

Journal of Economic Psychology

ISSN

0167-4870

Publisher

Elsevier

Volume

36

Page range

27- 40

Department affiliated with

  • SPRU - Science Policy Research Unit Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2013-02-25

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