What is an expected utility function? What are the important properties that an expected
utility function has?
1
Expert's answer
2016-08-22T13:59:03-0400
The utility function measures satisfaction of a consumer as a function of consumption of real goods, such as food, clothing Utility function is widely used in analyze human behavior.
Important properties: 1) increasing 2) continuous 3) quasi-concave etc.
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