Definition of utility function in US English:

utility function


  • A mathematical function which ranks alternatives according to their utility to an individual.

    • ‘For example, it would be useful for economists to know how custom would enter the utility function or how it would affect restrictions.’
    • ‘‘Everyone has different preferences and utility functions.’’
    • ‘According to this model, individuals have a utility function defined over their own consumption.’
    • ‘For computational convenience it is assumed that all individuals have the same utility function.’
    • ‘Quantitative analysis of public utility functions has long been abandoned.’