utility

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utility,

in economics: see valuevalue,
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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utility

(ECONOMICS) the satisfaction or pleasure that a person derives from the consumption of a good or service. In the work of CLASSICAL ECONOMISTS, it was assumed that utility might be measured on an absolute scale. In modern economics, the assumption is merely that individuals are at least able to rank the satisfactions they receive or expect to receive. It is on this basis that conceptions and forms of analysis central in modern economics, e.g. indifference curves, conceptions of marginal utility, are formulated (see NEOCLASSICAL ECONOMICS).

utility

[yü′til·əd·ē]
(engineering)
One of the nonprocess (support) facilities for a manufacturing plant; usually considered as facilities for steam, cooling water, deionized water, electric power, refrigeration, compressed and instrument air, and effluent treatment.

public utility

A public service such as water, gas, electricity, telephone, sewers, etc.

utility

1. 
a. a public service, such as the bus system; public utility
b. (as modifier): utility vehicle
2. Economics
a. the ability of a commodity to satisfy human wants
b. the amount of such satisfaction
3. Austral and NZ a small truck with an open body and low sides, often with a removable tarpaulin cover; pick-up
4. a piece of computer software designed for a routine task, such as examining or copying files

utility

(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).
References in periodicals archive ?
Next consider the utility maximization problem starting in a "tails" state.
then the 1-year expected utility maximization problem can be compactly written as
The majority of the transit assignment models have used the random utility maximization (RUM) rooted in discrete choice analysis [1, 30].
(2) The tangent point of the red lines in Figure 3 indicates the solution to the utility maximization problem for postpay customers who discount future cash flows.
Influenced by marketing strategy and reciprocity policy, consumers will balance the risks and benefits of sharing information from the angle of the utility maximization. Having consumers who are willing to share private personal information is very crucial to companies that are trying to build reliable knowledge bases about their customers and in order to deploy knowledge management systems.
The proportional wealth tax [[tau].sup.*] has a role in discouraging over-saving in that, in contrast to Grochulski (2010), the bankruptcy exemption caps do not bind in the utility maximization problem of an agent who does not shirk (see Case I in the proof of Theorem 3).
Motivated by the duality model of TCP/AQM, which is an example of "horizontal" decomposition via dual decomposition; researchers have extended the utility maximization framework to provide a general cross-layer design methodology.
Natarajan, "An alternative perspective on utility maximization in energy-harvesting wireless sensor networks," IEEE Transactions on Vehicular Technology, vol.
Network bandwidth allocation was formulated as a Network Utility Maximization (NUM) problem by F.
They asserted that the principle of utility maximization best explains all forms of human behavior.
Evidence that people do not behave according to simple utility maximization models is often seen as evidence that people are not rational.
In this paper we develop this use of wealth maximization as an alternative to utility maximization.