‘Utility maximization generalized’

[lukeprog]

Paul Weirich’s “Utility Maximization Generalized” (2008) may be of interest to those studying utility maximization in the context of non-ideal agents:

Theories of rationality advance principles that diff er in topic, scope, and assumptions. A typical version of the principle of utility maximization formulates a standard rather than a procedure for decisions, evaluates decisions comprehensively, and relies on idealizations. I generalize the principle by removing some idealizations and making adjustments for their absence. The generalizations accommodate agents who have incomplete probability and utility assignments and are imperfectly rational. Th ey also accommodate decision problems with unstable comparisons of options.