Definition of utility function in English:
A mathematical function that ranks alternatives according to their utility to an individual.
- According to this model, individuals have a utility function defined over their own consumption.
- For computational convenience it is assumed that all individuals have the same utility function.
- For example, it would be useful for economists to know how custom would enter the utility function or how it would affect restrictions.
Definition of utility function in:
- British & World English dictionary
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