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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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Multiplicative Utility Functions
Operations Research, 1974This paper presents sufficient conditions for a multiattribute utility function to be either multiplicative or additive. The number of requisite assumptions to imply the main result is equal to the number of attributes. Because the assumptions involve only trade-offs between two attributes at a time or lotteries over one attribute, it is reasonable to
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North American Actuarial Journal, 1998
This article is a self-contained survey of utility functions and some of their applications. Throughout the paper the theory is illustrated by three examples: exponential utility functions, power utility functions of the first kind (such as quadratic utility functions), and power utility functions of the second kind (such as the logarithmic utility ...
Hans U. Gerber, Gérard Pafum
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This article is a self-contained survey of utility functions and some of their applications. Throughout the paper the theory is illustrated by three examples: exponential utility functions, power utility functions of the first kind (such as quadratic utility functions), and power utility functions of the second kind (such as the logarithmic utility ...
Hans U. Gerber, Gérard Pafum
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Money-Metric Utility Functions
International Economic Review, 1985The paper considers a function \(M_ p(x)\) that specifies the minimum income needed at prices p to obtain a consumption vector preferred to x. This function is called a money metric. Sufficient conditions on the consumption set, on the preference relation, and on the prices are given ensuring that the money metric is a well-defined and continuous ...
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Synthese, 2003
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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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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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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Elicitation and utilization of application-level utility functions
Proceedings of the 6th international conference on Autonomic computing, 2009We present a non-analytic approach to self-assessment for Autonomic Computing. Our approach leverages utility functions, at the level of an autonomic application, or even a single task or feature being exercised within that application. This paper describes the fundamental steps of our approach: instrumentation of the application; collection of ...
Paul deGrandis, Giuseppe Valetto
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Calibration of Utility Function
2013Utility theory belongs to a very interesting part of a modern decision making theory. We develop the basic concept of utility theory on a determination of a personal utility function which was founded empirically by short personal interview. We suggest a calibration of theoretical utility function by expected utility maximization criterion.
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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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