Detailed Information on Publication Record
2016
LIMITS OF NEOCLASSICAL UTILITY THEORY AND SOME POSSIBLE WAYS HOW TO OVERCOME THEM
VALENČÍK, Radim and Petr WAWROSZBasic information
Original name
LIMITS OF NEOCLASSICAL UTILITY THEORY AND SOME POSSIBLE WAYS HOW TO OVERCOME THEM
Authors
VALENČÍK, Radim (203 Czech Republic, belonging to the institution) and Petr WAWROSZ (203 Czech Republic, belonging to the institution)
Edition
Economy & Business, Burgas, Bulgaria, International Scientific Publications, 2016, 1314-7242
Other information
Language
English
Type of outcome
Článek v odborném periodiku
Field of Study
50200 5.2 Economics and Business
Country of publisher
Bulgaria
Confidentiality degree
není předmětem státního či obchodního tajemství
RIV identification code
RIV/04274644:_____/16:#0000127
Organization unit
University of Finance and Administration
Keywords in English
utility; consumption; investment; imagination capital; utility maximization
Tags
Změněno: 20/4/2017 07:53, Ing. Dominika Moravcová
Abstract
V originále
The article discusses some limits of the neoclassical utility theory and it offers certain possible ways of overcoming them. Our aim is not to create an absolutely new utility theory but to show possible extensions of the existing ones and to highlight productive aspects of consumption. In an attempt to overcome the limits of the neoclassical utility theory, we briefly review the previous attempts and subsequently we emphasize the fact that experience is created based on previous perception and that the synthesis of previous perception, beliefs and attitudes fulfils a double role: on one hand, it substantially increases the motivation to own goods or to perform certain activities as intermediary factors, and, on the other hand, it disconnects current activities of a human being from their original targets. We also discuss how human experience accumulates over time and how it affects both total and marginal utility.