In economics, the utility function measures the welfare or satisfaction of a consumer as a function of the consumption of real goods, such as food or clothing. Utility function is widely used in ...

Differentiability is a convenient property of von Neumann-Morgensten utility functions which is almost always imposed but has not been translated into behavioral terms. In applications, expected ...

Taylor's series and logarithmic estimates of health state-dependent utility functions both imply that job injuries reduce one's utility and marginal utility of income, thus rejecting the monetary loss ...