Procedural Utility Theory in Historical Perspective

This study places the procedural utility theory in historical perspective and emphasizes three characteristics of procedural utility theory. First, procedural utility theory stresses work as a source of utility for individuals. Second, the theory regards utility as a goal of social policy. Third, incorporating procedural utility into game theory can help explain a cooperative equilibrium. The paper concludes that although procedural utility theory does not overcome the problems inherent in using the concept of utility, the theory is of practical importance.