Abstract

In the Victorian period, philosophers and economists argued with satisfaction "goodwill" as an indicatorof the general well-being of an individual. The benefit was portrayed as a numerical math of a person's happiness.According to this idea, it was natural to assume that the choices made by consumers were such as to maximize theprofit of the try, which means to make itself as happy as possible. The problem was related to the fact that theseclassical economists never really describe how they can profit. How could the "amount of benefit" be closely relatedto the choices and different solutions? Is the benefit of a person the double the benefit of an additional carrot? Doesthe concept make any sense of meaning apart from the meaning of maximizing people? Because of these conceptualproblems, economists have neglected the old point of view as a mate of happiness. Instead, the theory of consumerbehavior has been completely redesigned in relation to consumer preferences and the benefit is only seen as a way ofdetermining preferences. Gradually, economists began to admit that all the issues about the benefit of choosing achoice had to do with whether a basket had a higher benefit than another, but the higher it was not so important.Finally preferences were defined in terms of profit: to say that a basket was preferred to another basket, meant thatthe basket had a higher benefit than the other basket. This means that we are so inclined to think in a different wayabout these issues. Customer preferences are the basics useful to analyze the choice and usefulness is a way ofdescribing preferences.

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.