Utility | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-03-25

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Utility


00:00:53 1 Utility function
00:02:16 2 Applications
00:04:10 3 Revealed preference
00:05:12 4 spanFunctions
00:06:12 4.1 Cardinal
00:08:19 4.2 Ordinal
00:10:21 4.3 Preferences
00:11:40 4.4 Revealed preferences in finance
00:12:04 4.5 Examples
00:12:19 5 Expected utility
00:14:06 5.1 von Neumann–Morgenstern
00:14:21 5.2 As probability of success
00:14:35 6 Indirect utility
00:16:12 6.1 Money
00:17:25 7 Discussion and criticism
00:18:55 8 See also
00:20:12 9 References
00:29:12 10 Further reading
00:30:24 11 External links
00:30:50 Money
00:32:17 Discussion and criticism
00:35:32 See also



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SUMMARY
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Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or satisfaction within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. But the term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a consumer's preference ordering over a choice set. As such, it is devoid of its original interpretation as a measurement of the pleasure or satisfaction obtained by the consumer from that choice.