UTILITY
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.
The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related.
VARVIE WORLD
- 2025-05-06T00:00:00.000000Z
CATALOGUE 005
- 2022-10-05T00:00:00.000000Z
CATALOGUE 004
- 2021-10-04T00:00:00.000000Z
NEXUS DESTINY
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Toss It
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GO DUMB
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WASSA
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Taken
- 2024-11-27T00:00:00.000000Z
Mashallah
- 2024-04-30T00:00:00.000000Z
Bacardi Papi
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Mamas Car
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Jordan 1s
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Frauds
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Fiji Water
- 2021-12-01T00:00:00.000000Z
#3allmyteam
- 2020-05-22T00:00:00.000000Z
On the Map
- 2020-04-24T00:00:00.000000Z
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