3 ms·
Not sure what you mean by this. Even in the most basic rational choice analysis, where the players are agents seeking to maximize a utility function, the "rewar
by mgraczyk 4y ago
Not sure what you mean by this. Even in the most basic rational choice analysis, where the players are agents seeking to maximize a utility function, the "reward" can be nonlinear. I'm not familiar with any economic model that unintentionally restricts the agent's utility to be linear. Sometimes you assume that agents have a linear "utility of money", but everyone in economics knows that this is a taylor expansion around a small region where the linearity assumption is reasonable, and not an actual fact about human preferences.