Although initially simply representing a measure of “happiness” as part of the theory of Utilitarianism, the term ‘utility’ has been adapted and reapplied within neoclassical economics as a function that represents a consumer's preference ordering over a set of choices. Being a key turning point in the way we examine economics, Max and Dr Freer sit down to discuss the role utility plays in economic theory and how the concept has adapted and changed over time.
Dr Mikhail Freer is a Lecturer in the Department of Economics at the University of Essex and has published numerous research papers regarding utility, particularly relating to ‘revealed preferences'.
https://www.essex.ac.uk/people/freer98100/mikhail-freer
Episode Reference List:
1) Nudge: Improving Decisions About Health, Wealth, and Happiness
by Richard H. Thaler, Cass R. Sunstein
https://www.goodreads.com/book/show/3450744-nudge
Explaination:
https://www.tutor2u.net/economics/reference/what-is-a-behavioural-nudge
2) The behavioural effect of electronic home energy reports: Evidence from a randomised field trial in the United States
by Marisa L. Henrya, Paul J. Ferrarob, Andreas Kontoleon, 2019
https://www.sciencedirect.com/science/article/abs/pii/S0301421519304094
3) How your Behaviour affects Economics!?... I Marginal Babble Ep. 2 with Dr Valerio Capraro
https://www.youtube.com/watch?v=O4habCFsn7I
4) Who Is (More) Rational?,
by Syngjoo Choi, Shachar Kariv, Wieland M ̧ller, and Dan Silverman, 2013
https://escholarship.org/content/qt4w36q52q/qt4w36q52q.pdf
5) Revealed differences
by Marco Castilloa & Mikhail Freer, 2018
http://repository.essex.ac.uk/25353/1/document.pdf
6) The Graph Coloring by Tutorials Point
https://www.tutorialspoint.com/the-graph-coloring
7) Sin Taxes and Self-Control,
by Renke Schmacker & Sinne Smed, 2020
https://rationality-and-competition.de/wp-content/uploads/2020/07/250.pdf
8) Alcohol Frequent Attenders in Emergency Departments: An Unexplored Patient Population,
by Society for the Study of Addiction, 2019
https://www.addiction-ssa.org/knowledge-hub/alcohol-frequent-attenders-in-emergency-departments-an-unexplored-patient-population/
9) Sin Tax by Corporate Finance Institute, 2022
https://corporatefinanceinstitute.com/resources/accounting/sin-tax/
10) Environmental Kuznets Curve by David I. Stern,
https://www.sciencedirect.com/topics/earth-and-planetary-sciences/environmental-kuznets-curve
11) Gender and Growth in Sub-Saharan Africa by Mark Blackden, Sudharshan Canagarajah, Stephan Klasen, and David Lawson, 2006
https://www.econstor.eu/bitstream/10419/63512/1/513089136.pdf
12) Germany's gender pay gap higher than EU average, by dw.com, 2020
https://www.dw.com/en/germanys-gender-pay-gap-shrinks-but-still-higher-than-eu-average/a-55860947
13) The Impact of No-Fault Unilateral Divorce Laws on Divorce Rates in Mexico, by Lauren Hoehn-Velasco and Jacob Penglase, 2021
https://www.journals.uchicago.edu/doi/epdf/10.1086/706826
14) Wages, Experience and Training of Women over the Lifecycle, by Richard Blundell et al, 2020
https://www.dropbox.com/s/czq6ccfr0e71r31/w25776%281%29.pdf?dl=0
15) The Retention of Women in the Private Practice of Criminal Law: Research Report, by Dr Natasha S. Madon, 2016
https://criminallawyers.ca/wp-content/uploads/2016/03/CLA-Womens-Study-March-2016.pdf
16) Global evidence on the selfish rich inequality hypothesis, by Ingvild Almås Et al, 2021
https://www.pnas.org/doi/epdf/10.1073/pnas.2109690119
17) Which way did you vote in the Brexit referendum? by Statista Research Department, 2016
https://www.statista.com/statistics/520954/brexit-votes-by-age/
18) On Welfare Analysis under Limited Attention, by Mikhail Freer & Hassan Nosratabadi, 2022
https://arxiv.org/abs/2208.07659
