A measure of benefit, used as a maximand in economic models. Notation Send questions and comments to aholder@trinity.edu. View the INFORMS Computing Society's Editorial Board Copyright
© 1996 – 2007, Mathematical Programming Glossary, by the INFORMS Computing Society
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A function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations). Represents both their welfare and their preferences.
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The lesson of the St. Petersburg Paradox is that people do not play games as if they are maximizing the expected monetary value they receive. However, certain rationality assumptions about the way people behave, known as the von Neumann and Morganstern axioms, imply that people do act as though they...
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A mathematical expression that assigns a value to all possible choices. In portfolio theory, the utility function expresses the preferences of economic entities with respect to perceived risk and expected return.
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http://www.duke.edu/~charvey/Classes/wpg/bfglosu.htm
A function which describes an individual agent's preferences. It is a mathematical relation from various quantitatively measurable goods given to an individual, or attributes of that individual's environment, and a level of satisfaction that brings to the individual. We have no measure of the level of satisfaction, or utility level, experienced by ...
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A mathematical expression that assigns a value to all possible choices. In portfolio theory the utility function expresses the preferences of economic entities with respect to perceived risk and expected return.
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A power company that owns or operates facilities used for the generation, transmission, or distribut
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