u
- Instance of
- Subclass of
Overview
All data
13 statements · 0% with external sources · numbers in brackets are citations
On other databases
6 identifiers linking utility function across the web's reference databases
13 statements · 0% with external sources · numbers in brackets are citations
6 identifiers linking utility function across the web's reference databases
From Wikipedia, the free encyclopedia · Read full article · Text CC BY-SA 4.0
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. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. In a descriptive context, the term refers to an apparent objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice.