I think the literature on this point is complicated. Wikipedia defines utility as ” a measure of relative satisfaction .” A hypothetical crack addict might maximize his consumption of crack without much “satisfaction” or “happiness.” Or maybe not, depending on the definitions used.
Hmm. http://en.wikipedia.org/wiki/Revealed_preference would conclude that they had some kind of preference for consuming crack—but yes, defining utility in subjective terms is pretty vague—and it allows all kinds of positions to be argued.
‘Utility’ is ‘that which is maximized’, then. That is pretty standard.
I think the literature on this point is complicated. Wikipedia defines utility as ” a measure of relative satisfaction .” A hypothetical crack addict might maximize his consumption of crack without much “satisfaction” or “happiness.” Or maybe not, depending on the definitions used.
Hmm. http://en.wikipedia.org/wiki/Revealed_preference would conclude that they had some kind of preference for consuming crack—but yes, defining utility in subjective terms is pretty vague—and it allows all kinds of positions to be argued.