Utility maximization, choice and preference.

*(English)*Zbl 1010.91022
Studies in Economic Theory. 16. Berlin: Springer. viii, 223 p. (2002).

This book represents an important scientific contribution not only in the domain of the knowledge concerning the economics, the immediate implications and applications. It is based on a strong multiple scientific cooperation, starting from that one between the authors and many other research workers in connect fields, indicated through the agency of a concise manner in the references. Thus, after a significant introduction in chapter 1, chapter 2 is devoted to the classical models used to describe the individual preferences over alternatives, the corresponding links and the equivalence between the classical utility maximization model for choice and the weak order pair-dominant choice model.

In chapter 3 the authors show how the classical paradigm of binary comparison and optimization choice can be extended using an approximate insensitivity zone for the comparison of the utility values and for the choice.

Chapter 4 deals with the utility maximization models in which the threshold function depends on both compared alternatives and the properties of the associated choice functions.

In chapter 5 one studies the rationalizable choice functions by utility maximization when the threshold is context-dependent. Concluding remarks and guides to the literature are given in all the chapters 2-5. The last chapter summarizes the results and examines some open problems. Beside the references, the book contains a list of notations and symbols and the alphabetical index.

In chapter 3 the authors show how the classical paradigm of binary comparison and optimization choice can be extended using an approximate insensitivity zone for the comparison of the utility values and for the choice.

Chapter 4 deals with the utility maximization models in which the threshold function depends on both compared alternatives and the properties of the associated choice functions.

In chapter 5 one studies the rationalizable choice functions by utility maximization when the threshold is context-dependent. Concluding remarks and guides to the literature are given in all the chapters 2-5. The last chapter summarizes the results and examines some open problems. Beside the references, the book contains a list of notations and symbols and the alphabetical index.

Reviewer: V.Postolică (Piatra Neamt)