utilityyuˈtɪl ɪ ti
English Definitions:
utility, public utility, public utility company, public-service corporation (noun)
a company that performs a public service; subject to government regulation
utility, usefulness (noun)
the quality of being of practical use
utility (noun)
the service (electric power or water or transportation) provided by a public utility
"the cost of utilities never decreases"; "all the utilities were lost after the hurricane"
utility (noun)
(economics) a measure that is to be maximized in any situation involving choice
utility program, utility, service program (noun)
(computer science) a program designed for general support of the processes of a computer
"a computer system provides utility programs to perform the tasks needed by most users"
utility (adj)
a facility composed of one or more pieces of equipment connected to or part of a structure and designed to provide a service such as heat or electricity or water or sewage disposal
"the price of the house included all utilities"
utility(a), utility-grade (adj)
used of beef; usable but inferior
utility(a), substitute(a) (adj)
capable of substituting in any of several positions on a team
"a utility infielder"
utility (Noun)
The ability to play multiple positions.
utility (Noun)
The state or condition of being useful; usefulness.
utility (Noun)
Something that is useful.
utility (Noun)
The ability of a commodity to satisfy needs or wants; the satisfaction experienced by the consumer of that commodity.
utility (Noun)
A service provider, such as an electric company or water company or its securities.
utility (Noun)
A software program specifically designed to help manage and tune the computer hardware, operating system or application software, and perform a single task or a small range of tasks; as opposed to application software which tends to be software suites.
Utility
In economics, utility is a representation of preferences over some set of goods and services. Preferences have a utility representation so long as they are transitive, complete, and continuous. Utility is usually applied by economists in such constructs as the indifference curve, which plot the combination of commodities that an individual or a society would accept to maintain a given level of satisfaction. Individual utility and social utility can be construed as the value of a utility function and a social welfare function respectively. When coupled with production or commodity constraints, under some assumptions, these functions can be used to analyze Pareto efficiency, such as illustrated by Edgeworth boxes in contract curves. Such efficiency is a central concept in welfare economics. In finance, utility is applied to generate an individual's price for an asset called the indifference price. Utility functions are also related to risk measures, with the most common example being the entropic risk measure.
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions.
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"utility." Kamus.net. STANDS4 LLC, 2024. Web. 20 Apr. 2024. <https://www.kamus.net/english/utility>.
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