Utility

: This article is about "utility" in economics and in game theory. For utility companies and similar concepts, see public utility. For utilities in computers, see computer software. See also Utility (patent)

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In economics, utility is a measure of the happiness or satisfaction gained from a good or service.

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The concept is applied by economists in such topics as the indifference curve, which measures the combination of a basket of commodities that an individual or a community requests at a given level(s) of satisfaction. The concept is also used in utility functions, social welfare functions, Pareto maximization, Edgeworth boxes and contract curves. It is a central concept of welfare economics.

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The doctrine of utilitarianism saw the maximisation of utility as a moral criterion for the organisation of society. According to utilitarians, such as Jeremy Bentham (1748-1832) and John Stuart Mill (1806-1876), society should aim to maximise the total utility of individuals, aiming for 'the greatest happiness for the greatest number'.

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Utility theory assumes that humankind is rational. That is, people maximize their utility wherever possible. For instance, one would request more of a good if it is available and if one has the ability to acquire that amount, if this is the rational thing to do in the circumstances.

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Public utility: A public utility is a company that maintains the infrastructure for a public service. Public utilities often involve natural monopolies, and as a result are often government monopolies, or (if privately owned) treated as specially regulated sectors....

Computer software: Computer software (or simply software) is essentially a computer program encoded in such a fashion that the program (the instruction set) contents can be changed with minimal effort. Computer software can have various functions such as controlling hardware, performing computations, communication wit...

Utility (patent): In US patent law, utility is a patentability requirement. Today, the utility requirement is the lowest bar and is easily met. Largely utility is used to prevent the patenting of inoperative devices such as perpetual motion machines. Utility is required by the patent law: 35 U.S.C. 101, "inventions...

Utility related Images and Photos (experimental)

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