When economists look at utility maximizing, they do so assuming that the individual cares only about their own utility, and not about the bigger world in general. I propose that research is often not ...

We study utility maximization for power utility random fields with and without intermediate consumption in a general semimartingale model with closed portfolio constraints. We show that any optimal ...

Rationality is usually defined in terms of expected utility maximization. This paper argues for defining it in terms of conditional expected utility maximization by showing this conception's superior ...

The utility function can be used to derive the demand function, and both concepts relate to utility maximization.

He proposed that decision-makers should be viewed as bounded rational, and offered a model in which utility maximization was replaced by satisficing.

Suboptimal sandwiches The bounded rationality argument goes like this: People are rational, utility-maximizing, optimizers. However, they have limits. Sometimes they lack information.