A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of rational choice theory, it helps economists analyze how consumers make decisions to ...

According to epistemic utility theory, epistemic rationality is teleological: epistemic norms are instrumental norms that have the aim of acquiring accuracy. What’s definitive of these norms is that ...

Revealed preference theory provides axiomatic tools for assessing whether individuals make observable choices “as if” they are maximizing an underlying utility function. The theory evokes a tradeoff ...