I've said many times on this blog that the concept of utility is unnecessary (except to solve an information problem); in this post I'll allow utility, but show that even then utility maximization is unnecessary to select an economic equilibrium.
Share this post
Utility in an information equilibrium model
Share this post
I've said many times on this blog that the concept of utility is unnecessary (except to solve an information problem); in this post I'll allow utility, but show that even then utility maximization is unnecessary to select an economic equilibrium.