causal
Choice Is Governed by Social Criteria, Not Utility
Although Adam Smith assumes self-love (non-satiation) as a stoic axiom, he holds that actual decisions are governed by social criteria -- the desire for praise and praiseworthiness and the avoidance of blame and blameworthiness -- so one can tell a complete story of human interaction without invoking a utility function at all.
causalpending
Speaker
Vernon SmithEvidence Quote
“it's the social criteria that drives and governs our choice... I'm not saying that it isn't possible to introduce some kind of a utility function. Of course. But the point is, you don't need it.”
Created: 6/13/2026, 12:22:45 AM
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