- published: 16 Jan 2012
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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.
Actors: Malou N. Santos (producer), Jessie Lasaten (composer), Elma S. Medua (producer), Marivic B. Ong (producer), Charo Santos-Concio (producer), Carmi Raymundo (producer), Vicente G. del Rosario III (producer), Vic del Rosario Jr. (producer), Veronique Del Rosario-Corpus (producer), Dante Rivero (actor), June T. Rufino (producer), Al Tantay (actor), Irma Adlawan (actress), Gerry Arguelles (miscellaneous crew), Marya Ignacio (editor),
Genres: Comedy, Romance,Actors: Camilo Vives (producer), Jorge Perugorría (actor), Raúl Pomares (actor), René de la Cruz (actor), Paula Ali (actress), Idelfonso Tamayo (actor), Osvaldo Doimeadiós (actor), Susana Pérez (actress), Osvaldo Donatién (editor), Héctor Echemendia (actor), Manuel Porto (actor), Aramís Delgado (actor), Evelio Delgado (producer), Miriam Socarras (actress), Rubén Breñas (actor),
Genres: Comedy,The conversation
Of a conceited bore
Is usually over before its done
We know how to have fun
We know how to have fun
I say sure, why not
Let's have a conversation
You won't find me laughing
Oh, we're having fun