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.
Related information about utility function:
- Utility - Wikipedia, the free encyclopedia
The consumer's utility function u : X \rightarrow \textbf R ranks each ... Note that for u to be a utility function on X, it must be defined for every package in X. A utility ...
- God's utility function - Wikipedia, the free encyclopedia
God's utility function is a phrase coined by Richard Dawkins in his book River Out of Eden. "God's utility function" is the fourth chapter in this book. Dawkins uses ...
- Utility Functions
A utility function, written as follows: U = f(x1, x2,...xn). means that items x1, x2, etc. to some nth x all contribute to a person's utility. Utility, as the word is used here, ...
- Utility Function - Financial Dictionary - The Free Dictionary
A mathematical expression that assigns a value to all possible choices. In portfolio theory, the utility function expresses the preferences of economic entities with ...
- Utility Function
A process that determines the decision maker's utility function.
- 12.2 Utility Functions and Probabilities - UCSB Economics
circumstances, then we will be able to use a utility function to describe these preferences ... For this rea.son, we will write the utility function a.s depending on the ...
- Consumer theory 2. Preferences and Utility function - YouTube
Sep 17, 2011 ... This podcast is an introduction to the concepts of preferences and utility function.
- Utility function - Lesswrongwiki
Jul 25, 2012 ... A utility function assigns numerical values ("utilities") to outcomes, in such a way that outcomes with higher utilities are always preferred to ...