utility

is, in modern economic theory, not some kind of substantive objective function analogous to profits that the consumer tries to maximize. Utility is simply shorthand for preferences, and rationality means nothing more than the choice of the most preferred option in the feasibility set, subject to consistency constraints.

Weber's notion of instrumental rationality emphasises efficiency rather than consistency . . . [H]e interprets 'desires' as 'goals' rather than 'preferences'. Although this approach makes good sense for the analysis of economic and political decisions, it is less suitable for consumer decisions. In modern economic theory, utility is not some kind of substantive objective function analogous to profits that the consumer tries to maximise. Utility is simply shorthand for preferences, and rationality means nothing more than the choice of the most preferred option in the feasibility set, subject to consistency constraints' (Elster 2000: 36).

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