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subjective utility

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  • subjective utility — noun : the utility or satisfaction an article gives to an individual based upon his personal judgment and desires rather than upon market judgment …   Useful english dictionary

  • Subjective expected utility — is a method in decision theory in the presence of risk, originally put forward by L. J. Savage in 1954 [Savage, Leonard J. 1954. The Foundations of Statistics . New York, Wiley.] . It combines two distinct subjective concepts: a personal utility… …   Wikipedia

  • utility and value — ▪ economics Introduction       in economics, the determination of the prices of goods and services.       The modern industrial economy is characterized by a high degree of interdependence of its parts. The supplier of components or raw materials …   Universalium

  • Subjective theory of value — The subjective theory of value (or theory of subjective value ) is an economic theory of value that holds that to possess value an object must be both useful and scarce, [Moser, John. The Origins of the Austrian School of Economics, Humane… …   Wikipedia

  • utility theory — A class of theory concerned with the behaviours, strategies, and mental processes adopted by individuals faced with making a risky choice or decision. Utility is usually taken as the subjective value to the individual of a particular outcome or… …   Big dictionary of business and management

  • Expected utility hypothesis — In economics, game theory, and decision theory the expected utility hypothesis is a theory of utility in which betting preferences of people with regard to uncertain outcomes (gambles) are represented by a function of the payouts (whether in… …   Wikipedia

  • Northwest Austin Municipal Utility District No. 1 v. Holder — Supreme Court of the United States Argued April …   Wikipedia

  • Cardinal utility — In economics, cardinal utility is a theory of utility under which the utility (roughly, satisfaction) gained from a particular good or service can be measured and that the magnitude of the measurement is meaningful. Under cardinal utility theory …   Wikipedia

  • Cost–utility analysis — (CUA) is a form of financial analysis used to guide procurement decisions. The most common and well known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA). Contents 1 CUA in health economics 1.1… …   Wikipedia

  • Cumulative prospect theory — Daniel Kahneman Cumulative prospect theory (CPT) is a model for descriptive decisions under risk which was introduced by Amos Tversky and Daniel Kahneman in 1992 (Tversky, Kahneman, 1992). It is a further development and variant of prospect… …   Wikipedia

  • The Nature of Rationality — is an exploration of practical rationality written by Robert Nozick and published in 1993. It views human rationality as an evolutionary adaptation. Its delimited purpose and function may be responsible for biases and blind spots, possibly… …   Wikipedia

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