utility

(redirected from Utility theory)
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Related to Utility theory: Marginal utility theory

utility

(Public service), noun public business, public company, public corporation, public industry

utility

(Usefulness), noun adequacy, advantage, applicability, avail, benefit, convenience, efficacy, employability, fruitfulness, function, helpfulness, practicality, productiveness, productivity, profit, service, serviceability, suitability, usability, use, value
Foreign phrases: Omne magnum exemplum habet aliquid ex iniquo, quod publica utilitate compensatur.Every great example has some unfairness, which is compensated by the public utility.
See also: advantage, appliance, behalf, benefit, betterment, expedience, feasibility, function, help, instrument, profit, propriety, tool, use, value, worth
References in periodicals archive ?
In this section, we briefly outline fuzzy logic and utility theory and describe some model settings that are utilized to formulate the network selection problem in high-speed mobility scenarios.
In general, these findings are consistent with transaction utility theory and previous research on fairness perceptions and consumer behavior.
So the utility theory is introduced to characterize the heterogeneity of faults' demands and repairing squads' capabilities by constructing a utility function in this paper.
There will be evidence of deviation as to the behavior predicted by the Expected Utility Theory in decision-making by respondents as to the Certainty Effect ifthe majority chose alternative A, indicating a preference for the largest gain (since there is no alternative with a gain that is certain) even facing a one percentage point smaller chance of it occurring.
Prospect theory (Kahneman & Tversky, 1979) challenges the assumptions of utility theory in terms of the ways individuals make decisions in three primary ways.
Marginal utility theory--the heart of microeconomics--took strong hold in the early Nineteenth Century in the hands of such people as William Lloyd (1795/1852), who propounded a form of general utility theory as did Hermann Gossen (1810/1858).
The same has also been reported in the seminal work by Hariossos and Betaut (1995) but explained that non-participation is due to deviation from the expected utility theory. Before Cao, Wang and Zhang (2005), Dow and Werlang (1992) and Epstein (2002) have also proposed the model uncertainty as the reason for the limited participation in the stock market.
Then the utility functions are calculated using the multi-attribute utility theory. These functions are calculated by combining the relative importance of strategies in the focus at this stage of the research, and the relative importance of different relationships between project parties, which were obtained in the Third Delphi Round at the previous stage of the research (Ceric 2011).
If within-subjects treatments are to be implemented: (i) paying one decision randomly (POR) is incentive compatible only for expected utility theory; (ii) paying all decisions independently (PAI) at the end of the experiment is not incentive compatible for any decision theory; (iii) paying all decisions sequentially (PAS) is incentive compatible for decision theories defined on income such as cumulative prospect theory and the expected utility of the income model; and (iv) paying all decisions correlated at the end of the experiment (PAC) is incentive compatible for the dual theory of expected utility (Yaari, Econometrica, 1987).
Prospect theory is a descriptive model that modifies expected utility theory to accommodate decision behaviour that violates the rational choice model (Tversky & Kahneman, 1981).
The expected utility theory assumes that people have consistent risk preferences.