Toward a convergence between value and utility through a polynomial representation

摘要

A phenomenological value function emanating from Elementary Catastrophe Theory (E.C.T.) is shown to be the simplest utility function fitting the mold of the Pratt's approach and the empirical data accumulated since the XIX the century in the stimuli-response model. It further fulfills the most economical conditions leading to the equivalent of Arrow Impossibility result. This accomplishes the very aim of the French School for equating the two concepts since 1988, under the sole axiom of Non-satiation. The added bonus is achieved via a theoretically-based measurement framework leading to an empirically verifiable symmetrical quintic polynomial bringing finally a solution to the central problem of Neuro-Physiology, itself the major contender to human valuation next to Labor and market theories of value.