| 单词 | utility function |
| 释义 | utility function 1) An expression showing utility as a function of an individual's consumption of various goods and performance of various types of work. This is a direct utility function: utility is an increasing function of the quantity of each good consumed, and a decreasing function of each type of work performed. 2) An expression showing utility as a function of income, assuming that this is optimally divided between the various goods available. This is usually assumed to show decreasing marginal utility of income. Examples of such a utility function, where U is utility and C is the value of consumption, would be U = √C or U = A - (b/√C), where A and b are positive constants. 3) An expression giving utility as a function of non-wage income, the price of each type of good, and the wage of each type of labour, assuming that the quantities of goods consumed and work performed are chosen optimally, so as to maximize utility. This is an indirect utility function, in which utility is an increasing function of non-wage income, a decreasing function of the price of each good consumed, and an increasing function of the wage rate for each type of work peformed. See also: indirect utility function, and separable utility function |
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