VALENČÍK, Radim and Petr WAWROSZ. LIMITS OF NEOCLASSICAL UTILITY THEORY AND SOME POSSIBLE WAYS HOW TO OVERCOME THEM. Economy & Business. Burgas, Bulgaria: International Scientific Publications, 2016, vol. 2016, Volume 10, p. 23-31. ISSN 1314-7242.
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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
Original language English
Type of outcome Article in a journal
Field of Study 50200 5.2 Economics and Business
Country of publisher Bulgaria
Confidentiality degree is not subject to a state or trade secret
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 AR 2015-2016, jx, xJ6
Changed by Changed by: Ing. Dominika Moravcová, učo 21787. Changed: 20/4/2017 07:53.
Abstract
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.
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