Handbook of Utility Theory: Principles, Vol. 1, ed. Salvador Barbera, Peter J. Hammond, and Christian Seidl, 1998, Dordrecht, the Netherlands: Kluwer Academic Publishers. Reviewer: Gautam Vora, University of New Mexico This is the first volume in a two-volume set of recent developments in fundamental conceptual problems or their resolutions that are too recent to have achieved widespread understanding among social scientists. The editors selected several topics and invited contributions from researchers whose work had come to their attention. The intended readership is researchers working in economics, political science, ethics, and other major branches of the social sciences. The first volume, spanning approximately 700 pages, contains the following topics: (1) Preference and utility (G. B. Mehta), (2) Separability: A Survey (C. Blackorby, D. Primont, and R. R. Russell), (3) Recursive Utility and Dynamic Programming (P. A. Streufert), (4) Dual Approaches to Utility (M. Browning), (5) Objective Expected Utility (P. J. Hammond), (6) Subjective Expected Utility (P. J. Hammond), (7) Stochastic Utility (P. C. Fishbun), (8) Fuzzy Utility (M. Salles), (9) Lexicographic Utility and Orderings (J. E. Martinez-Legaz), (10) Utility Theory and Ethics (P. Mongin and C. d'Aspremont), (11) Measures of Economic Welfare (M. Ahlheim), (12) Changing Utility Functions (H. Shefrin), and (13) Causal Decision Theory (J. M. Joyce and A. Gibbard). Chapters 1 through 6 and 8 and 9 are extreme mathematical treatments of topics whose relevance to applications in finance, economics, insurance, and risk is difficult to fathom. The second volume is expected to contain the following 12 topics: (14) Alternatives to Expected Utility: Foundations and Concepts, (15) Alternatives to Expected Utility: Some Formal Theories, (16) State-Dependent Utility, (17) Extending Preferences to Sets of Alternatives, (18) Utility as a Tool in Non-Cooperative Game Theory, (19) Utility as a Tool in Cooperative Game Theory, (20) Utility in Social Choice, (21) Interpersonal Comparisons of Utility, (22) Experimental and Empirical Research I: Riskless Utility, (23) Experimental and Empirical Research I: Utility Under Risk, (24) Experimental and Empirical Research I: Utility Under Ambiguity, and (25) Utility Theory in Retrospect. A quick glance at the reference sections reveals that the editors have assembled an impressive array of authors, who have published voluminously in utility theory. As the title suggests, these articles present of utility theory; I deduce that articles in the second volume present applications. The presentation of principles in the volume under review is at an advanced level; i.e., these articles are written by specialists for specialists. A nonspecialist reader-say, a researcher in economics or psychology-is unlikely to find the articles inviting. This is not to say that he or she would not find some of them somewhat interesting. A critical synopsis of the chapters is given below. Mehta's article (Chapter 1) studies the problem of preference and utility. He finds general conditions for the existence and nonexistence of a real-valued (continuous, differentiable) utility representation on an ordered set. Blackorby, Primont, and Russell's article (Chapter 2) is a survey and lays out the fundamentals of separability theory, integrating literature with more recent developments. The presentation is in the context of the consumer theory, but it is general enough for applications to an agent with a well-behaved preference ordering. Streufert (Chapter 3) studies the tradeoff traditionally faced by the economist who wants to formulate a dynamic optimization problem for an agent's decision to forgo current benefits for the sake of future benefits. The economist must choose between a stationary formulation having an infinite number of time periods and a nonstationary formulation having a finite number of time periods. …