Disentangling motivational and experiential aspects of "utility" - a neuroeconomics perspective
journal contribution
posted on 2023-06-08, 14:27authored byUlrich Witt, Martin Binder
Although decision makers are often reported to have difficulties in making comparisons between multi-dimensional decision outcomes, economic theory assumes a unidimensional utility measure. This paper reviews evidence from behavioral and brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision makers' difficulties can be explained once the motivational aspects of utility ("wanting") are disentangled from the experiential ones ("liking") and the features of the different brain processes involved are recognized