One of the mysteries of the English language finally explained.
A mathematical function which ranks alternatives according to their utility to an individual.
- ‘For computational convenience it is assumed that all individuals have the same utility function.’
- ‘According to this model, individuals have a utility function defined over their own consumption.’
- ‘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.’’
- ‘Quantitative analysis of public utility functions has long been abandoned.’
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