Utility

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.

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Famous quotes containing the word utility:

    “Moral sensibilities are nowadays at such cross-purposes that to one man a morality is proved by its utility, while to another its utility refutes it.”
    —Friedrich Nietzsche (1844–1900)