The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.

1 Introduction.- 2 Preference, Utility, and Choice: Classic Models.- 3 Utility Maximization Within a Constant Threshold or a Threshold Depending on One Alternative.- 4 Utility Maximization Within a Threshold Depending on Both Compared Alternatives.- 5 Utility Maximization Within a Context-dependent Threshold.- 6 Conclusion.- List of Notations.- References.