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In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function.
A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and regulation ranging from local community-based groups to statewide government monopolies .
An electric utility, or a power company, is a company in the electric power industry (often a public utility) that engages in electricity generation and distribution of electricity for sale generally in a regulated market. [1] The electrical utility industry is a major provider of energy in most countries.
Investor-owned electric power delivery utilities with assets in the United States of America [2] [3] [4] Parent company Operating company Operating states AES Corporation (AES) AES Indiana, formerly Indianapolis Power & Light: IN: Dayton Power and Light: OH: Allete (ALE) Minnesota Power: MN: Superior Water, Light and Power: WI: Alliant Energy ...
A public utilities commission is a quasi-governmental body that provides oversight and/or regulation of public utilities in a particular area (locality, municipality, or subnational division), especially in the United States and Canada.
Utility (patentability requirement), one of the requirements for patentability in Canadian and United States patent laws; Utility (car), a term used in Australia and New Zealand to refer to a pickup truck or coupe utility vehicle ("ute") Utility player, a term used in sports for a player who can play several positions competently.
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With ordinal utility, a person's preferences do not have a unique marginal utility, making the concept of diminishing marginal utility irrelevant. On the other hand, diminishing marginal utility is a significant concept in cardinal utility , which is used to analyse intertemporal choice , choice under uncertainty , and social welfare in modern ...