utility

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Related to Utility theory: Marginal utility theory

Utility

A power company that owns or operates facilities used for the generation, transmission, or distribution of electric energy, which is regulated at state and federal levels.

Utility

1. In economics, the level satisfaction the person derives from a good or service. Utility is inherently subjective and thus difficult to measure, but it is important in determining how much supply of a product the market can handle without diminishing demand. Historically, it has been thought that one can quantify the utility of each unit, but some economists disagree with this. See also: Austrian school, Law of Diminishing Marginal Utility.

2. A company that provides electricity, water, or gas to customers. These companies are subject to a number of regulations at the local and national levels. They borrow more than most other companies; thus, a decline in utility stocks is often seen as an indicator of a coming rise in interest rates. See also: Dow Jones Utility Average - DJUA.

utility

A business that provides an essential service, generally under government regulation. Electric companies, gas transmission firms, and local telephone companies are utilities.

utility

  1. the satisfaction or pleasure that an individual derives from the CONSUMPTION of a GOOD or SERVICE. See UTIL, CARDINAL UTILITY, ORDINAL UTILITY, MARGINAL UTILITY, TOTAL UTILITY, UTILITY FUNCTION, DIMINISHING MARGINAL UTILITY.
  2. see PUBLIC UTILITY.
References in periodicals archive ?
Utility Theory. Utility theory utilizes the satisfaction of a service provider to the decision-maker for making the decision [23] and the candidate with the best satisfaction always is selected.
The findings related to H4 are consistent with heuristics and specifically transaction utility theory, suggesting attitudes based on reference price could limit or prevent consumers from maximizing utility (Dowling & Chin-Fang, 2007; Kahneman, 2003; Thaler, 1983, 1985).
There will be evidence of deviation as to the behavior predicted by the Expected Utility Theory in decision-making by respondents as to the Reflection Effect if the majority chose alternative A, indicating aversion to the alternative that offers certain loss (B), even when the latter presents a smaller value that the probable loss than the former.
Levy and Levy (2004) claim that individuals make decisions based on change of wealth rather than the total wealth, which is in direct contradiction to expected utility theory. Thus, risk aversion does not prevail globally.
"[O]nce economists discovered (in the "marginalist revolution" of the early part of the twentieth century) that they did not need to attribute utility functions to economic agents in order to prove most of the propositions that seemed important at the time, all of the baggage on utility theory inherited from the Victorian era was swept away." (119)
The multi-attribute utility theory is part of multi-criteria decision analysis which has been widely used in construction industry.
By combining the behavioural theories of Prospect theory and Image theory to predict rational choice (expected utility theory) and overlaying these with the simple information processing model the unified model, Figure 1, is produced.
The optimal portfolio selection problem under the conventional expected utility theory has been well researched.
assumes), giving rise to inconsistencies in expected utility theory that
One-reason decision-making: Modeling violations of expected utility theory. Journal of Risk and Uncertainty, 37 (1), 35-56.
Therefore, multiple methodologies, including system dynamics, the AHP, utility theory, and fuzzy logic theory, were used to increase the preciseness of the model and ensure its reliability.