Examples of 'utility function' in a sentence
Meaning of "utility function"
utility function - In economics and decision theory, a utility function is a mathematical representation that measures the satisfaction or value an individual derives from consuming or possessing different goods or services. It expresses preferences and trade-offs between various options and is used in analyzing consumer behavior and making rational choices
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- A mathematical function that assigns a real number to every element of the outcome space in a way that captures the agent's preferences over both simple and compound lotteries.
How to use "utility function" in a sentence
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utility function
The utility function is treated as an index of utility.
The consideration of a utility function of the form.
This utility function is similar to that proposed by.
This can be done by deconstructing the utility function.
A submodular utility function is characteristic of substitute goods.
A corridor goes well beyond its utility function.
A utility function describes the happiness of an individual.
We need to consider the consumer utility function.
There are always no utility function representing preferences.
This follows from continuity of the utility function.
Assume that the utility function to be maximized is.
Starting with a quadratic utility function.
Then the utility function becomes.
This mapping is called utility function.
The utility function for period t is.
See also
These funds are allocated following a public utility function.
The indirect utility function in each period is then.
The representative household maximizes its utility function.
The utility function is assumed to be increasing in wealth and decreasing in x.
But remember what a utility function is.
The utility function is only defined up to a monotonically increasing transformation.
And it depends on your utility function.
A utility function is a representation of preferences.
Agents have a utility function.
The utility function is given as.
This can then be expressed in a utility function as described below.
Individual preference can be modeled in terms of an economic utility function.
The indirect utility function can be used to compare two situations.
Often preferences are described by their utility function or payoff function.
The utility function is assumed to have the following functional form.
We will solve this problem for a particular utility function.
A typical utility function for this case is given at the right.
Introduction of the utility function.
A possible utility function for this case is given at the right.
Declining marginal utility and the logarithmic utility function.
A utility function is additive if and only if it is both submodular and supermodular.
There is another utility function.
With this utility function there is no income effect on labor supply.
So let us complete our model by introducing leisure in the utility function.
Her utility function is.
The term valuation function is often used as a synonym to utility function.
The functional form of the utility function must be specified by the researcher.
Logit models were developed to estimate the parameters of the utility function.
The utility function is simply the integral of the marginal benefit function.
Time unemployed enters directly into the utility function as leisure.
Apply the utility function to each terminal state to get the value.
The order of the sequence of transactions can be based on a utility function.
These models build upon maximisation of a utility function subject to a budget constraint.
People may attempt to quantify the evaluation of a model using a utility function.
This feature explains why the exponential utility function is considered unrealistic.
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