Measuring Utility - From the Marginal Revolution to Behavioral Economics

Since the marginal revolution of the 1870s, the economic theory of decision-making has been based on the notion of utility. Utility, however, is not measurable. This book reconstructs economists' struggles with issues related to utility measurement from the 1870s to the beginning of behavioral economics in the mid-1980s.

About the author

Ivan Moscati is Associate Professor of Economics at the University of Insubria, Varese, and teaches History of Economics at Bocconi University, Milan. His articles have been published in a range of journals in economics, history of economic thought, and economic methodology, and one of them was awarded the Best Article Award of the History of Economics Society.

Summary

Since the marginal revolution of the 1870s, the economic theory of decision-making has been based on the notion of utility. Utility, however, is not measurable. This book reconstructs economists' struggles with issues related to utility measurement from the 1870s to the beginning of behavioral economics in the mid-1980s.

Additional text

[Measuring Unity] should be read by any researcher making use of the concept of utility in their work, but I think it has a much broader appeal. I cannot think of another work in behavioral economics that so carefully scrutinizes the emergence of a key idea and gives us the knowledge needed to further develop our own thinking. Moscati's book will be very influential.

Product details

• Authors: Ivan Moscati
• Publisher: Oxford University Press
• Languages: English
• Product format: Hardback
• Released: 31.12.2018
• EAN: 9780199372768
• ISBN: 978-0-19-937276-8
• No. of pages: 352
• Dimensions: 158 mm x 242 mm x 24 mm
• Series: Print On Demand; Oxford Studies in History of Economics; Print on Demand; Oxford Studies in the History of Economics; Oxford Studies in History of E
• Subjects: Non-fiction book; Social sciences, law, business > Business > General, dictionaries; BUSINESS & ECONOMICS / Economic History, BUSINESS & ECONOMICS / Economics / Theory, BUSINESS & ECONOMICS / Economics / Microeconomics, Economic history, Economic theory & philosophy, Economic theory and philosophy