utility

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Related to Utility theory: Marginal utility theory

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 ?
Due to the combination of fuzzy logic and utility theory for the network selection problem in this paper, we take the indirect type as the example.
The influence of reference price on perceived fairness is a new finding as it relates to sport ticketing, and this relationship appears to parallel findings related to transaction utility theory. The offer groups that received information about a lower previous ticket price perceived the transaction as more unfair.
Zhang, "Power system risk assessment based on the evidence theory and utility theory," Automation of Electric Power Systems, vol.
There will be evidence of deviation as to the behavior predicted by the Expected Utility Theory in decision-making by respondents as to the Certainty Effect if the majority chose alternative A, indicating a preference for the largest gain (since there is no alternative with a gain that is certain) even facing a five percentage point smaller chance of it occurring.
Prospect theory offers an attractive alternative to the assumptions of utility theory in terms of individual decision making among several prospects.
(89) The first American progressive income tax was enacted by the Union in the Revenue Act of 1862, long after the formulation of utility theory in economics, but with no evidence visible to this writer that utility theory ever crept into the debate.
The multi-attribute utility theory is a well-known decision-making technique used under conditions of both certainty and uncertainty (Luce, Raiffa 1957; Kenney, Raiffa 1976; Saaty 1994; Flanagan, Norman 1993; Ceric 2003).
The notion of a decision "framing effect" was introduced by Kahneman and Tversky (1979; 1982) as an extension of, and modification to, subjective expected utility theory. Subjective expected utility theory combines a subjective probability function with a utility function to represent risky preferences (Payne, 1985, 3).
Although the optimal portfolio selection models under the expected utility theory have been well solved, the risk preference measure or the expected utility theory has some basic tenets which has systematically violated the reality.
In expected utility theory it is indicated that a risk-averse individual prefers outcomes that are acquired with certainty.
expected value of the final outcome (as expected utility theory