Handbook of Utility Theory: Volume 1: Principles

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The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. Though this utility maximization hypothesis is venerable, it remains an area of active research. Moreover, some fundamental conceptual problems remain unresolved, or at best have resolutions that are too recent to have achieved widespread understanding among social scientists. The main purpose of this text is to make more widely available some recent developments in the area.