The Paradigm of Utility Maximization and Its Generalizations: Review of a Research Area

Abstract

Different versions of the utility maximization paradigm are examined and the problem of representing preferences and choice functions by utility functions is studied. Results obtained in the classical case (without the comparison threshold) and in the case of the threshold depending on one alternative are compared. The models are constructed in which the threshold depends on two compared alternatives and/or a feasible set of alternatives. A model explaining H. Simon’s paradigm of choice is described.