Utility Function

Some articles on utility function, utility functions, utility, function:

Preference (economics) - Applications To Theories of Utility
... In economics, a utility function is often used to represent a preference structure such that if and only if ... According to Simon Board, a continuous utility function always exists if is a continuous rational preference relation on ... any such preference relation, there are many continuous utility functions that represent it ...
St. Petersburg Paradox - Solutions of The Paradox - Expected Utility Theory
... involved the explicit introduction of a utility function, an expected utility hypothesis, and the presumption of diminishing marginal utility of money ... not be based on the price, but rather on the utility it yields… ... A common utility model, suggested by Bernoulli himself, is the logarithmic function U(w) = ln(w) (known as “log utility”) ...
Consumption Smoothing - Model
... into account the diminishing returns to consumption, and therefore, assuming a concave utility function, he showed that agents optimally would choose to ... in being the strictly concave one-period utility function being the consumption in being the earnings in being the assets, apart from human capital, in ... previous equation Which, due to the concavity of the utility function, implies Thus, rational agents would expect to achieve the same consumption in every period ...
Friedman–Savage Utility Function
... The Friedman-Savage utility function is the theory that Milton Friedman and Leonard J ... their 1948 paper, which argued that the curvature of an individual's utility function differs based upon the amount of wealth the individual has ... This curving utility function would thereby explain why an individual is risk-loving when he has less wealth (e.g ...
Routing In Delay-tolerant Networking - Replication-based Routing - RAPID - RAPID Protocol
... RAPID protocol is based around the concept of a utility function ... A utility function assigns a utility value, to every packet, which is based on the metric being optimized ... that locally result in the highest increase in utility ...

Famous quotes containing the words function and/or utility:

    ... the function of art is to do more than tell it like it is—it’s to imagine what is possible.
    bell hooks (b. c. 1955)

    Moral sensibilities are nowadays at such cross-purposes that to one man a morality is proved by its utility, while to another its utility refutes it.
    Friedrich Nietzsche (1844–1900)