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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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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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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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2007
Utilitarian economists use the term ‘utility’ carefully, but as was mentioned above there are two distinct views of it: the ‘satisfaction/happiness’ view and the ‘desire-fulfilment’ view. The happiness approach goes back to Bentham and has been used extensively by Marshall (1890), Pigou (1920) and others.
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Utilitarian economists use the term ‘utility’ carefully, but as was mentioned above there are two distinct views of it: the ‘satisfaction/happiness’ view and the ‘desire-fulfilment’ view. The happiness approach goes back to Bentham and has been used extensively by Marshall (1890), Pigou (1920) and others.
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MONEY AND THE WALRASIAN UTILITY FUNCTION
Oxford Economic Papers, 1983There is a conflict in Walras' 'Elements of Pure Economics' between the literary and mathematical treatment of the utility of money. This paper outlines this conflict and suggests that the clear cut treatment of Walras which may be found in much of the literature is in fact too simplistic to represent Walras' views.
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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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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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Constrained Utility Maximization in Dual-Functional Radar-Communication Multi-UAV Networks
IEEE Transactions on Communications, 2021Xinyi Wang, Zesong Fei, J Andrew Zhang
exaly