In microeconomics, the utility maximization problem is the problem consumers face: "how should I spend my money in order to maximize my utility?" It is a type of optimal decision problem.
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Famous quotes containing the words utility and/or problem:
“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)
“The problem is that we attempt to solve the simplest questions cleverly, thereby rendering them unusually complex. One should seek the simple solution.”
—Anton Pavlovich Chekhov (1860–1904)