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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 Cross FunctionalTeams Cross FunctionalA group of usually five to eight people from two or more areas of the organization who are addressing an issue which impacts the operations of each area. For example, the processes of meeting information requests might be addressed by a team involving PI,, managed care and marketing staff. Dixit-Stiglitz functionDixit-Stiglitz functionReally just a symmetric CES function, the innovation of Dixit and Stiglitz (1977) was to allow the number of arguments to be variable. Used originally as a utility function, with elasticity of substitution greater than one the function displays a preference for variety. Used as a component of a production function, the same property implies that costs fall with variety. MultifunctionalityMultifunctionalityRefers to the purposes that an industry may serve in addition to producing its output. Most often applied to agriculture by countries that wish to subsidize it, who argue that subsidies are needed to serve these other purposes, such as rural viability, land conservation, cultural heritage, etc. Probability density functionProbability density functionThe function that describes the change of certain realizations for a continuous random variable. CES FunctionCES FunctionA function with constant elasticity of substitution. CES is popular for both production and utility functions. Used extensively in New Trade Theory as the Dixit-Stiglitz utility function for differentiated products under monopolistic competition. With arguments X = (X1,...,Xn), the function is F(X) = A[SiaiXir]1/r, where ai, A are positive constants and s = 1/(1-r) is the elasticity of substitution. Due to Arrow et al. (1961). Further SuggestionsFunctional distribution of incomeTeams Functional Production function Translog function Essential purpose (or function) bond Probability function Supply function Homogeneous function Demand function Constant elasticity of substitution function Cost function Bergsonian social welfare function Neoclassical production function Reaction function Social welfare function SMAC function Conservative Social Welfare Function Cobb-Douglas function |
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