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The most convincing description of utility is as a representation of ranked choices or preferences. Perhaps it’ll be an interesting exercise to think about two
by zwaps 6y ago
The most convincing description of utility is as a representation of ranked choices or preferences.
Perhaps it’ll be an interesting exercise to think about two experiments, one asking for valuations of things, and one asking whether one thing is preferred above the other.
Then, consider how these outcomes may be related!
- jaygernaught 6y agoThat's interesting. I did read quadratic voting more accurately reflects preference, along those lines. I wonder if there isn't some way of modelling a world with independent actors and a fixed number of unique activities, where availability of the activity changes with respect to preference, maybe conceptually your quadratic vote budget is effectively time units. I suppose you'd have to consider how innovation increases available activities. Is there a real world example of that type of model with pricing data?