Utility, Games, and Narratives
38 Pages Posted: 28 Aug 2009 Last revised: 15 Mar 2011
Date Written: March 11, 2011
This paper provides a general overview of theories and tools to model individual and collective decision-making. In particular, stress is laid on the interaction of several decision-makers.
A substantial part of this paper is devoted to utility maximization and its application to collective decision-making, Game Theory. However, the pitfalls of utility maximization are thoroughly discussed, and the radically alternative approach of viewing decision-making as constructing narratives is presented with its emerging computational tools.
Keywords: Interactions, Collective Decision-Making
JEL Classification: C69, C79
Suggested Citation: Suggested Citation