Critically evaluate the nature of utility in the Standard Economic Model and the Behavioural Economic Model

Subject : Economic

Module : Behavioural Economic

Question : (“Critically evaluate the nature of utility in the Standard Economic Model and the Behavioural Economic Model..?)

In economics, discounted utility is the utility (desirability) of some future event, such as consuming a certain amount of a good, as perceived at the present time as opposed to at the time of its occurrence. It is calculated as the present discounted value of future utility, and for people with time preference for sooner rather than later gratification, it is less than the future utility. In this question, i have to discuss the importance of Utility in the standard economic model and behavioural economic model and then critically evaluate its nature by our own words.

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Teacher Guidelines :

At this level you should be using and evaluating secondary literature which reflects current research and thinking on the topic to help you develop fully your own ideas. Merely reformulating what others have said will not earn you a high mark. Your analysis and argument should be well-developed, precise, supported and nuanced. You should use an academic writing style and referencing conventions.

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