Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

Mathematics of Operations Research, Vol. 41, No. 1 (February 2016), pp. 146-173 (28 pages) This paper investigates the problem of maximizing expected terminal utility in a (generically incomplete) ...

Learn how economists measure utility using cardinal and ordinal approaches to understand consumer choices and maximize satisfaction from products and services.

Revealed preference theory provides axiomatic tools for assessing whether individuals make observable choices “as if” they are maximizing an underlying utility function. The theory evokes a tradeoff ...

Federal tax credits and state renewable portfolio standards have driven the utility market for solar photovoltaic (PV) projects during the past year. However, utilities are now beginning to appreciate ...

Year two of the coronavirus pandemic brought with it a massive re-examination of personal priorities. The Great Resignation, more people moving from cities to suburbs and smaller towns, and the ...

Elementary economics tells us that a good decision is to maximize utility. Utility refers to how desirable a task or choice is for an individual. Maximizers are people who strive to get the very best ...