utility function


Also found in: Thesaurus, Medical, Financial, Encyclopedia, Wikipedia.

utility function

n
(Economics) a function relating specific goods and services in an economy to individual preferences
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
Mentioned in ?
References in periodicals archive ?
To evaluate the performance of hybrid vehicular network framework, a unified vehicular network utility function [OMEGA] is defined as
For an individual, the monetary value of his social environment is not constructed as a positive or negative externality, because it enters the utility function in its maximization calculation.
In the terminology of Eeckhoudt (2012), the linking of prudence to precautionary saving and precautionary self-protection is governed by the "direction" of third-order risk preference, as the precautionary motive hinges on a positive sign for the third derivative of the von Neumann--Morgenstern utility function. In contrast, the remaining predictions cited concern the "intensity" of third-order risk preference, as they turn on the magnitude of the index of prudence introduced by Kimball (1990).
Reference [15] proposes the optimal contract models based on the Pontryagin maximum principle for forward-backward stochastic differential equations to study a general continuous-time principal-agent problem in which the utility function is time-inconsistent.
By this definition, visual satisfaction level could be modeled as a utility function of variables describing the physical conditions, and preference is a comparative result of comparing the utility values corresponding to two (or more) conditions.
In addition, the evaluation of the feasibility and convergence as well as the development of utility function was also conducted to improve the user performance on cognitive femtocell network.
It reads your utility function; it knows exactly what preferences you have, what you like what you don't like, your desires and your passions; and it creates a virtual reality.
Some of them are chosen from the previous works and some factors are newly defined in the proposed utility function. In this paper, the utility function is also adopted as a decision-making criterion in the assessment and selection of parking.
In these papers, the utility function of each customer is defined, which shows the degree of his/her satisfaction on waiting time in a queue.

Full browser ?