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Different Concepts of Utility

  • Christian D. SchadeEmail author
Chapter

Abstract

Chapter  9 concerns itself with another aspect of the objective function: What makes individuals prefer one vector of ‘reality weights’ over another? How should the utility that is generated from a set of ‘movies,’ a set of realities that an individual has chosen, be defined? Is the appropriate concept of utility even clear for a singular reality? Is there anything to be learned from the concept of Bentham utility (i.e., experienced utility) or from Daniel Kahneman’s research on this matter (e.g., Kahneman et al. 1997)? And is it correct to assume that individuals are choosing in favor of the most positive developments? Chapter 9 furthermore analyzes the appropriate utility concept for usage within the effectuation framework and the potential of making use of a multidimensional utility framework, both in connection with the requirements of the multiverse. It becomes evident that it is all but clear what type of utility is appropriate for usage within choices in the clustered-minds multiverse. Chapter 9 is rather able to give an account of the problems to be solved in future research.

Copyright information

© Springer Nature Switzerland AG 2018

Authors and Affiliations

  1. 1.School of Business and EconomicsHumboldt University of BerlinBerlinGermany

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