865 B
865 B
id, aliases, title, tags, dg-publish
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| Utility |
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Utility
Utility is a measure of a party's satisfaction with a certain state of the world.
The measure is intended to account for unintuitive quirks of human perception of value. A rich man is not as satisfied by receiving one dollar as a poor man would be, therefore the utility of the dollar is contextual, not objective.
Sorites paradox in utility theory
Normative and Descriptive Utility
Normative utility is utility as self-reported, subject to the biases of the party.
Descriptive utility is utility as determined from the party's behavior.