Yerznkyan
B.H. Incorporating Social Factors into Individual Preferences:
Possibilities
and Prospects. // Economics of
contemporary Russia 2010.
¹1
(48) Ñ.8-21.
Problems
of enlarging the notion of utility by incorporating in addition to the
intrinsic/economic factors the extrinsic/social ones relevant to the
individual
choice into utility function are considered. Means of formalization as
well as
possibilities and prospects of social factors incorporation into
individual
preferences are analyzed.
Key
words: individual choice, preferences, utility, happiness,
welfare, social
factors, reputation, status, models of choice.
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