Utility Function

Svend Rasmussen ()
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Svend Rasmussen: University of Copenhagen

Chapter Chapter 3 in Optimisation of Production Under Uncertainty, 2011, pp 5-17 from Springer

Abstract: Abstract The utility function is an important concept when modelling decision making under uncertainty. This chapter provides a description of different forms of the utility function including the expected utility model (EU-model) and its derived forms.

Keywords: Expected utility; Utility function; Linear utility function; Leontief utility function; Cobb-Douglas utility function; Cardinal utility function; Neumann-Morgenstern utility function; CARA; DARA; Rate of substitution in utility (RSU); Risk aversion; Risk-neutral; EV-utility function (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-642-21686-2_3

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DOI: 10.1007/978-3-642-21686-2_3

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