NOTES ON UTILITY THEORY,

Abstract

This paper is a brief review of utility theory as used in the economics of consumer behavior. The tools of measurement theory are employed, utility being viewed as an application of measurement scales. Notions of the domain and converse domain of a relation are developed to assist in explaining the meaning of relational structures. The concept of a critical probability function is used to represent behavior under conditions of risk. The use of this function permits the organization of behavior not normally considered rational, and thus, not easily manageable. (Author)

Document Details

Document Type
Technical Report
Publication Date
Feb 23, 1965
Accession Number
AD0457597

Entities

People

  • George M. Lady

Organizations

  • George Washington University

Tags

DTIC Thesaurus Topics

  • Applied Mathematics
  • Consumers
  • Economics
  • Game Theory
  • Interdisciplinary Science
  • Mathematics
  • Measurement
  • Probability

Readers

  • Regression Analysis.
  • Systems Analysis and Design