A mathematical function that assigns a real number to every element of the outcome space in a way that captures the agent's preferences over both simple and compound lotteries
A mathematical expression that assigns a value to all possible choices In portfolio theory the utility function expresses the preferences of economic entities with respect to perceived risk and expected return
A (usually private) member¤ function of a class¤ which implements some common functionality required by the class¤ public member¤ functions The use of utility functions¤ improves modularity¤ (and therefore maintainability) by eliminating repeated sequences of code To avoid loss of run-time performance, utility functions¤ are often declared inline
A mathematical expression that assigns a value to all possible choices In portfolio theory, the utility function expresses the preferences of economic entities with respect to perceived risk and expected return
A utility function is a subjective measurement that expresses the relative value of different package by using a numerical scale The numerical scale used is arbitrary It typically ranges either from 0 to 1 or from 1 to 100 The minimum number expresses the least desirable and least preferred package The highest number represents the most desirable and preferred package