<p>I am looking for the <strong>first economists</strong> arguing that maximizing utility function is the iff condition of rational behavior.</p>
<p>I've learned that neoclassical economics is founded on this argument. Is this still the mainstream - Do people still believe that rationality is utility maximization and utility maximization is rational?</p>
<p>Linked question: <a href="https://economics.stackexchange.com/questions/33121/who-is-the-first-one-to-equate-rational-with-complete-and-transitive-preferen/40905?noredirect=1#comment64190_40905">Who is the first one to equate &quot;rational&quot; with &quot;complete and transitive preference&quot;?</a></p>

CC BY-SA 4.0
2020-11-18T01:29:21.297Z
Although behavioral economics gained some prominence in recent years since we do not have any general theory of irrationality - rationality and utility maximizing behavior is still mainstream. I would even dare to say that majority of research still relies on rational choice theory (RCT). However, note that a person can be irrational (due to hyperbolic discounting (i.e. having dynamically inconsistent preferences) and still maximize utility conditional on that or there are also evolutionary models that are not strictly speaking based on RCT
1muflon1
CC BY-SA 4.0
2020-11-19T08:20:09.767Z
@1muflon1 Is time-inconsistency necessarily considered irrational? (Reference...? Perhaps I am missing the definition.) An agent with time-inconsistent preferences who maximizes his expected utility by anticipating his own time-inconsistency (therefore in a SPNE with all his future selves) seems pretty rational.
Michael
CC BY-SA 4.0
2020-11-19T10:01:30.070Z
@Michael as far as I understand some time inconsistent preferences would violate transitivity so the choice would not be considered rational, I will try to find some sources to back it up
1muflon1
CC BY-SA 4.0
2020-11-20T09:15:48.050Z
@1muflon1 Well, by "behavioral economics" I guess you are talking about intransitive preference like regret theory? In this case, people still maximize a menu-dependent utility. In evolutionary theories, agents are often assumed to maximize a long-term utility, in my limited understandings.
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<microeconomics><consumer-theory><decision-theory><theory><history-economic-thought>
Who were the first economists arguing that utility maximization is the core of rationality and economic behavior?
High GPA
# Who were the first economists arguing that utility maximization is the core of rationality and economic behavior?

(Asked by: username_0 on 2020-11-18)

I am looking for the **first economists** arguing that maximizing utility function is the iff condition of rational behavior.

I've learned that neoclassical economics is founded on this argument. Is this still the mainstream - Do people still believe that rationality is utility maximization and utility maximization is rational?

Linked question: [Who is the first one to equate "rational" with "complete and transitive preference"?](https://economics.stackexchange.com/questions/33121/who-is-the-first-one-to-equate-rational-with-complete-and-transitive-preferen/40905?noredirect=1#comment64190_40905)

**Tags:** microeconomics, consumer-theory, decision-theory, theory, history-economic-thought

> **Comments:**
> **username_1**: Although behavioral economics gained some prominence in recent years since we do not have any general theory of irrationality - rationality and utility maximizing behavior is still mainstream. I would even dare to say that majority of research still relies on rational choice theory (RCT). However, note that a person can be irrational (due to hyperbolic discounting (i.e. having dynamically inconsistent preferences) and still maximize utility conditional on that or there are also evolutionary models that are not strictly speaking based on RCT  
> **username_2**: @username_1 Is time-inconsistency necessarily considered irrational? (Reference...? Perhaps I am missing the definition.) An agent with time-inconsistent preferences who maximizes his expected utility by anticipating his own time-inconsistency (therefore in a SPNE with all his future selves) seems pretty rational.  
> **username_1**: @username_2 as far as I understand some time inconsistent preferences would violate transitivity so the choice would not be considered rational, I will try to find some sources to back it up  
> **username_0**: @username_1 Well, by "behavioral economics" I guess you are talking about intransitive preference like regret theory? In this case, people still maximize a menu-dependent utility. In evolutionary theories, agents are often assumed to maximize a long-term utility, in my limited understandings.  

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## 0 answers

