J 2016

LIMITS OF NEOCLASSICAL UTILITY THEORY AND SOME POSSIBLE WAYS HOW TO OVERCOME THEM

VALENČÍK, Radim and Petr WAWROSZ

Basic 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
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.