Utility
|
In economics, utility is a measure of satisfaction, referring to the total satisfaction received by a consumer from consuming a good or service. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of attempts to increase one's utility. Utility is often modeled to be affected by consumption of various goods and services, possession of wealth and spending of leisure time. The doctrine of utilitarianism saw the maximization of utility as a moral criterion for the organization of society. According to utilitarians, such as Jeremy Bentham (1748–1832) and John Stuart Mill (1806–1873), society should aim to maximize the total utility of individuals, aiming for "the greatest happiness for the greatest number of people". Another theory forwarded by John Rawls (1921–2002) would have society maximize the utility of those with the lowest utility, raising them up to create a more equitable distribution across society. Utility is usually applied by economists in such constructs as the indifference curve, which plot the combination of commodities that an individual or a society would accept to maintain a given level of satisfaction. Individual utility and social utility can be construed as the value of a utility function and a social welfare function respectively. When coupled with production or commodity constraints, under some assumptions, these functions can be used to analyze Pareto efficiency, such as illustrated by Edgeworth boxes in contract curves. Such efficiency is a central concept in welfare economics. In finance, utility is applied to generate an individual's price for an asset called the indifference price. Utility functions are also related to risk measures, with the most common example being the entropic risk measure. From Wikipedia under the
GNU Free Documentation License Nounutility (plural utilities)
From Wiktionary under the
GNU Free Documentation License Matching Results for Utility:William Stanley JevonsChapter III, Theory of Utility, p. 78. The difficulties of economics ... the difficulties of conceiving clearly and fully the conditions of utility. ... Dennis Lindley Utility is the emotion pleading to be let into the house of pure reason and ... about probability, utility, and MEU (maximization of expected utility) and act ... Karl Friedrich Schinkel Give industry a direction in which beauty is as important as utility ... be used to give industry a direction in which beauty is as important as utility. ... From Wikiquote under the
GNU Free Documentation License |
Impudence Network, Rudeness and Etiquette @ Impudence.net In some cases, criminal behavior can also be an act of rudeness. Contents. 1 Relationship to morality; 2 Cultural differences; 3 Utility; 4 Examples. 4.1 Speech www.impudence.net From Bing Site Search: "utility" Recreation: Pets: Dogs: Breeds: NonSporting ... See also: Recreation: Pets: Dogs: Breeds: NonSporting-Utility Group: Clubs (0) Capital Keeshond Club - Based in the US Mid-Atlantic Region, membership in Maryland ... Recreation: Pets: Dogs: Breeds: NonSporting ... This category in other languages: Czech (17) Danish (4) Dutch (47) German (64) Norwegian (1) Spanish (1) Swedish (2) Net Ring: Tibetan Terrier Web Ring - Tibetan ... Computers: Software: Data Compression See also: Computers: Algorithms: Compression (66) Computers: Data Formats: Compression (4) Computers: Multimedia: Digital Video: Products and Tools: Software (85)
|