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utility theory

  The basis of neo-classical economics, which rests on the doctrine of consumer sovereignty and an ideological belief in both individualism and libertarianism — that individuals are the best judges of their own needs. A consumer\'s utility function is identified based on either assumed or revealed preferences and predicts choices, constrained within the available budget (cf. revealed preference analysis). Utility theory has provided the base for much work on travel behaviour and the choice of shopping centre to patronize, referring to destination, modal split (choice of travel mode), and choice of route. (RJJ)

Suggested Reading Golledge, R.G. and Timmermans, H. 1990: Applications of behavioural research on spatial problems I: cognition; and II: preference and choice. Progress in Human Geography 14: 57-100 and 311-4 4.



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Other Terms : action space | action space | value-added
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