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Introducing Procedural Utility: Not Only What, but Also How Matters

Year: 2004

Type: article

Abstract: People not only care about outcomes; they also value the procedures that lead to the outcomes. Procedural utility is an important source of human well-being. This paper aims at introducing the concept of procedural utility into economics, and argues that it should be incorporated more widely into economic theory and empirical research. Three building blocks of a concept of procedural utility are outlined, and it is suggested how procedural utility can be fruitfully integrated. Evidence from a broad range of social sciences is reviewed in order to show that procedural utility is a relevant concept for economics.Bernholz, Peter: Monetary Regimes and Inflation: History, Economic and Political Relationships

Source: Journal of Institutional and Theoretical Economics JITE

DOI: 10.1628/0932456041960560

Authors: Bruno S. Frey, Matthias Benz, Alois Stutzer

Institutions: University of Zurich, University of California, Berkeley

Language: English

Topic: Economic Theory and Institutions

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

Funders: National Science Foundation, Schweizerischer Nationalfonds zur Förderung der Wissenschaftlichen Forschung

OpenAlex ID: W3126026145

FWCI: 64.03

Cites: 125

Cited by: 661

Related to: 8