The utility function and the emotional well-being function
Parada Daza, J. R. (2004). The utility function and the emotional well-being function. EJBO - Electronic Journal of Business Ethics and Organization Studies, Vol. 9 (2). Retrieved from http://ejbo.jyu.fi
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2004Copyright
© Business and Organization Ethics Network (BON)
Behind the utility function, which is the basis for economic and finance theory, is a philosophical and ethical approach based essentially on the Utilitarian and Hedonistic schools. Once qualitative, the utility function’s
approach shifted to a quantitative
one based on the work of the mathematician, D. Bernoulli. This quantitative approach is normative
and based on a maximizing agent. In this paper, the “emotional well-being” function is developed which mixes the ethics of a rational economic individual with those of a more complete individual who is simultaneously conditioned by economic,
instinctive, social, religious, ethical, and esthetic values. This new utility function of emotional well-being
is shown to remain within the envelope function of the Bernoulli-type utility function.
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Business and Organization Ethics Network (BON)ISSN Search the Publication Forum
1239-2685Keywords
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http://ejbo.jyu.fiMetadata
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