Utility Utility ActewAGL was formed in October 2000 as a joint venture between the Australian Gas Light Company (AGL) and ACTEW Corporation, the government-owned water and electricity utility. ...more on Wikipedia about "ActewAGL"
Cardinal utility theory states that the utility (satisfaction) gained from a particular good or service can be measured in the same way as distance, temperature and time can. The theoretical unit of measurement is the ‘util’. If utility can be measured in this way it should be possible to say that an individual will get 100 utils from good A and 150 utils from good B, for example. While this concept can be useful in theory, most people believe that it cannot be used in a practical way and that only ordinal utility theory can be used. ...more on Wikipedia about "Cardinal utility"
Cost-utility analysis is a form of economic analysis used to guide procurement decisions, especially health technology assessment (HTA). The cost is measured in monetary units, such as British pounds or US dollars and the benefit of the item being considered needs to be expressed in a quantitative form. Unlike cost-benefit analysis, this does not have to be in monetary terms. In HTAs it is usually expressed in quality-adjusted life years (QALYs). A threshold value of so many pounds (or dollars) per QALY is set. As of January 2005 a figure of £30,000 per QALY is the normal British threshold value. Thus, any health intervention which has an incremental cost of more than £30,000 per additional QALY gained would normally be rejected and any intervention which has an incremental cost of less than or equal to £30,000 per extra QALY gained would be accepted as cost-effective. ...more on Wikipedia about "Cost-utility analysis"
In calculating the present value of a good, economists, accountants, underwriters, and other financial analysts add together the value of the good now and its discounted value in the future. ...more on Wikipedia about "Discounted utility"
A qualification introduced by Bentham, to distinguish between two different types of utilities, or, rather, sources of utility (for utility, being identical to pleasure, remains always qualitatively the same). Expectation utilities are future-regarding, and thus imply desires and beliefs; "natural" utilities are not. Expectation utilities allow for long-term projects, which provide a higher proportion of utility than the natural utilities favored by those agents that can only pursue their immediate interest. ...more on Wikipedia about "Expectation utilities"
The expected utility hypothesis is the hypothesis in economics that the utility of an agent facing uncertainty is calculated by considering utility in each possible state and constructing a weighted average. The weights are the agent's estimate of the probability of each state. The expected utility is thus an expectation in terms of probability theory. ...more on Wikipedia about "Expected utility"
In economics, a consumer's indirect utility function ...more on Wikipedia about "Indirect utility function" There's a bit of shortopedia in all of us.
Ordinal utility theory states that while the utility of a particular good and service cannot be measured using an objective scale, a consumer is capable of ranking different alternatives available. Goods are often considered in ‘bundles’ or ‘baskets’. For example, does individual A prefer 3 apples and 2 oranges or 3 oranges and 2 apples? When a large number of baskets of goods are compared, the preferences of the individual can be seen. This information is usually put together on a graph called an indifference map. One of these is shown below: ...more on Wikipedia about "Ordinal utility"
In economics, utility is a measure of the happiness or satisfaction gained consuming good and services. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of rational attempts to increase one's utility. In neoclassical economics, rationality is precisely defined in terms of utility-maximizing behavior, under economic constraints. ...more on Wikipedia about "Utility"
In microeconomics, the utility maximization problem is the problem consumers face: "how should I spend my money in order to maximize my utility?" ...more on Wikipedia about "Utility maximization problem"
In fair division, a set of preferences is weakly additive ...more on Wikipedia about "Weakly additive"
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