Difference between revisions of "Utility"

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'''Utilons''' (or '''utils''') are the unit of measurement for [[preference]], the output of a [[utility function]]. They are a purely abstract unit; there is no standard definition of how much goodness constitutes one utilon. Unlike dollars, utilons are assumed to always be equally valuable; where there are diminishing returns, that is represented in the conversion from states into utility, not in a change in the marginal value of one utilon. Utilons generated by fulfilling base desires are [[hedon]]s. Utilons generated by doing good are [[fuzzies]].
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'''Utilons''' (or '''utils''') are the unit of measurement for [[utility function|utility]], or the satisfaction of [[preference]]s. They are a purely abstract unit; there is no standard definition of how much goodness constitutes one utilon. Unlike dollars, utilons are assumed to always be equally valuable; where there are diminishing returns, that is represented in the conversion from states into utility, not in a change in the marginal value of one utilon. Utilons generated by fulfilling base desires are [[hedon]]s. Utilons generated by doing good are [[fuzzies]].
  
 
==See also==
 
==See also==

Revision as of 07:59, 29 August 2009

Utilons (or utils) are the unit of measurement for utility, or the satisfaction of preferences. They are a purely abstract unit; there is no standard definition of how much goodness constitutes one utilon. Unlike dollars, utilons are assumed to always be equally valuable; where there are diminishing returns, that is represented in the conversion from states into utility, not in a change in the marginal value of one utilon. Utilons generated by fulfilling base desires are hedons. Utilons generated by doing good are fuzzies.

See also

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