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Utility function |
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Utility functionA function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations). Represents both their welfare and their preferences.Utility functionA mathematical expression that assigns a value to all possible choices. In portfolio theory, the utility function expresses the preferences of economic entities with respect to perceived risk and expected return.Utility function Similar MatchesTeams FunctionalTeams FunctionalA group of five to eight people addressing an issue where any recommended changes would not be likely to affect people outside the specific area. For example, a Functional Team concerned with filing and retrieving data in the laboratory might consist just of people who work in the lab. Cost functionCost functionA function relating the minimized total cost in a firm or industry to output and factor prices. Conservative Social Welfare FunctionConservative Social Welfare FunctionA social welfare function that takes special account of the costs to individuals of losing relative to the status quo, and that therefore seeks to avoid large losses to significant groups within the population. Due to Corden (1974). Functional distribution of incomeFunctional distribution of incomeHow the income of an economy is divided among the owners of different factors of production, into wages, rents, etc. Cobb-Douglas functionCobb-Douglas functionA popular functional form for production and utility functions. With arguments X = (X1,...,Xn), the function is F(X) = APiXiai, where Siai = 1 and A are positive constants. This function has elasticity of substitution between arguments equal one. As a production or utility function, it has competitive expenditure shares equal to ai. Further SuggestionsBergsonian social welfare functionEssential purpose (or function) bond CES Function Translog function Production function Demand function Probability density function Neoclassical production function Supply function SMAC function Teams Cross Functional Dixit-Stiglitz function Reaction function Multifunctionality Constant elasticity of substitution function Probability function Homogeneous function Social welfare function |
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