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utility
(redirected from Utility theory)

    Also found in: Financial, Wikipedia 0.06 sec.
utility, in economics: see value value, in economics, worth of a commodity in terms of other commodities, or in terms of money (see price ). Value depends on both desirability and scarcity. The marginal theory of value, pioneered in the late 19th cent.
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(1) See utility program.

(2) Usefulness; fitness for a particular use. Utility is one of the six fundamental components of information security (see Parkerian Hexad). For example, if data are encrypted and the decryption key is unavailable, the breach of security is in the lack of utility of the data (they are still confidential, possessed, integral, authentic and available).
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This method was designed to provide a simple way to implement the beginnings of Multi--Attribute Utility Theory.
Multicriteria decision making on selection of decision analysis ... by da Costa, Ana Paula C.S. / Journal of Academy of Business and Economics
Some propose that utility theory and risk choices under conditions of uncertainty provide this unifying theory.
Effects of medical practice structure on resource use by Kralewski, John / Physician Executive
Before prospect theory, individual decision behavior was explained and predicted by expected utility theory (Von Neumann & Morgenstern, 1944).
Brand as a reliability reference point: a test of prospect theory in ... by Taran, Zinaida / Journal of Academy of Business and Economics
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