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).
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000

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.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.

public utility

A public service such as water, gas, electricity, telephone, sewers, etc.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.

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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005

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).
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References in periodicals archive ?
where [w.sup.d] (L) and [[phi].sup.d] (L) represent the latency utility function and the reliability utility function under distributed vehicular network structure, respectively.
In a system of rectangular axis: horizontally it is represented the feature or opportunity of the social environment(R) contained in the utility function of the maximizer individual, and vertically, the asset acquired on the market (X).
(25) Crainich and Eeckhoudt (2008) show that 1 + [r.sub.u] = (1 + [rho])/[1 + ([[sigma].sup.2]/2)[d.sub.u]] for a cubic utility function, with [[sigma].sup.2] denoting the variance of the background risk.
The Agent's utility function. To obtain the solution of optimal contract, according to our assumption in Section 2.1, the agent is risk-neutral and the utility functions of the agent are linear, i.e.,
Estimated posterior--Satisfaction utility function. Figure 4 shows the mean utility functions and the uncertainty of the posterior in the studied space of visual conditions.
User renewing power using the equation of power updates that have been determined based on proposed utility function.
The maximisation of these utility functions yields all the familiar instruments of torture for first year economics students, like demand curves, elasticities, supply curves and all that.
By revising the utility function to account for the cost (per "util") of obtaining the information, an optimal observation size could be determined that would maximize the expected utility given the consideration for the level of investment needed to obtain the information.
As the above discussion mentioned, we can get the optimal investment-consumption strategies of (11) with HARA utility function as pointed by (46)

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