The IRMA Community
Newsletters
Research IRM
Click a keyword to search titles using our InfoSci-OnDemand powered search:
|
Utility Function
Abstract
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 only in the mid-20th century with the birth of Decision Theory, where the utility function is the central concept. Indeed, in several studies focused, e.g., on analysing the roles of the rationality axioms and their weakening, or in completing partial preferences, a utility function is always considered to be the proper tool to fully depict the attitude of an investor toward risk.
Related Content
|
Dina Darwish.
© 2024.
48 pages.
|
|
Dina Darwish.
© 2024.
51 pages.
|
|
Smrity Prasad, Kashvi Prawal.
© 2024.
19 pages.
|
|
Jignesh Patil, Sharmila Rathod.
© 2024.
17 pages.
|
|
Ganesh B. Regulwar, Ashish Mahalle, Raju Pawar, Swati K. Shamkuwar, Priti Roshan Kakde, Swati Tiwari.
© 2024.
23 pages.
|
|
Pranali Dhawas, Abhishek Dhore, Dhananjay Bhagat, Ritu Dorlikar Pawar, Ashwini Kukade, Kamlesh Kalbande.
© 2024.
24 pages.
|
|
Pranali Dhawas, Minakshi Ashok Ramteke, Aarti Thakur, Poonam Vijay Polshetwar, Ramadevi Vitthal Salunkhe, Dhananjay Bhagat.
© 2024.
26 pages.
|
|
|