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A constant function represents an action's utility that is not related to the action's completion time—for example, the action's constant relative importance. This allows both time-dependent and time-independent actions to be scheduled coherently. A TUF has a global critical time, after which its utility does not increase. If a TUF never ...
The term E-utility for "experience utility" has been coined [2] to refer to the types of "hedonistic" utility like that of Bentham's greatest happiness principle. Since morality affects decisions, a VNM-rational agent's morals will affect the definition of its own utility function (see above).
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.
In mathematics, a homothetic function is a monotonic transformation of a function which is homogeneous; [2] however, since ordinal utility functions are only defined up to an increasing monotonic transformation, there is a small distinction between the two concepts in consumer theory. [1]: 147
A single-attribute utility function maps the amount of money a person has (or gains), to a number representing the subjective satisfaction he derives from it. The motivation to define a utility function comes from the St. Petersburg paradox: the observation that people are not willing to pay much for a lottery, even if its expected monetary gain is infinite.
The indirect utility function is the inverse of the expenditure function when the prices are kept constant. I.e, for every price vector p {\displaystyle p} and utility level u {\displaystyle u} : [ 1 ] : 106
A multi-utility representation (MUR) of a relation is a set U of utility functions, such that : (). In other words, A is preferred to B if and only if all utility functions in the set U unanimously hold this preference. The concept was introduced by Efe Ok.
E.g., the commodity is a heterogeneous resource, such as land. Then, the utility functions are not functions of a finite number of variables, but rather set functions defined on Borel subsets of the land. The natural generalization of a linear utility function to that model is an additive set function.