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2014
A utility function is a tool used to assign numerical values to a set of goods or services in order to allow for a numerical representation of the preferences of a rational individual. Though its first use dates back to the 18th century, the term “utility” does not appear until the late 19th century in Welfare Economics, and it is fully axiomatised ...
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A utility function is a tool used to assign numerical values to a set of goods or services in order to allow for a numerical representation of the preferences of a rational individual. Though its first use dates back to the 18th century, the term “utility” does not appear until the late 19th century in Welfare Economics, and it is fully axiomatised ...
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A Class of Utility Functions Containing all the Common Utility Functions
Management Science, 1987This paper presents a class of utility functions (class A∞) that contains all of the utility functions commonly used for mathematical modeling: the class consisting of those utility functions whose derivatives alternate in sign. A simple representation via mixtures of exponential utilities is provided for this class which is both mathematically ...
Patrick L. Brockett, Linda L. Golden
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Double-Exponential Utility Functions
Mathematics of Operations Research, 1986Ordinal additivity between two attributes X and Y is a property that permits the utility function u(x, y) to be represented as ϕ(v(x) + w(y)) for some functions ϕ, v and w where ϕ may be thought of as a single attribute utility function over v + w. In applications ϕ is usually taken to be either linear (the additive decomposition) or exponential (the ...
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Quasi‐separable utility functions
Naval Research Logistics Quarterly, 1968AbstractThis paper is concerned with a method for the assessment of utility functions of multi‐numeraire consequences. It is proven that given von Neumann and Morgenstern's axioms of “rational behavior” and two additional assumptions, the utility function for (x, y) consequences can be written as U(x, y) = Ux(x) + Uy(y) + KUx(x) Uy(y).K is a constant ...
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Economics Letters, 1985
This paper gives a set of necessary and sufficient conditions for the existence of a continuous utility function on an ordered topological space.
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This paper gives a set of necessary and sufficient conditions for the existence of a continuous utility function on an ordered topological space.
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Theory and Decision, 1993
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Theory and Decision, 1974
The von Neumann-Morgenstern (vNM) expected utility criterion is a particular case of a more general utility space structure. The general utility function can take care of the intrinsic utility or disutility of risk. An approximation to this general utility function is the proposed Constant Elasticities of Value and Risk (CEVR) function, which is easily
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The von Neumann-Morgenstern (vNM) expected utility criterion is a particular case of a more general utility space structure. The general utility function can take care of the intrinsic utility or disutility of risk. An approximation to this general utility function is the proposed Constant Elasticities of Value and Risk (CEVR) function, which is easily
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Mathematical Social Sciences, 1996
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Time functions as utility functions
2011It is shown that the problem of the existence of a time function or of a semi-time function in general relativity is mathematically equivalent to that of the existence of a continuous utility function for an agent in microeconomics. Some theorems developed in economics can therefore be used in general relativity.
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Journal of Economic Behavior & Organization, 1995
An objective of this paper is to analyze in detail the structure of a money-metric function, i.e. a p-section of the Mckenzie expenditure function. We view this function from a new perspective and show that it is similar in structure to the metric utility functions of Wold and Arrow-Hahn.
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An objective of this paper is to analyze in detail the structure of a money-metric function, i.e. a p-section of the Mckenzie expenditure function. We view this function from a new perspective and show that it is similar in structure to the metric utility functions of Wold and Arrow-Hahn.
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