Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

Understand the key differences between marginal utility and marginal benefit—how they affect pricing, consumer behavior, and decision making in economics.

Mathematics of Operations Research, Vol. 41, No. 1 (February 2016), pp. 146-173 (28 pages) This paper investigates the problem of maximizing expected terminal utility in a (generically incomplete) ...

Several weeks ago, an article ran in Inside Higher Ed about the interest of many graduate students in jobs that don’t include a lot of pressure to publish. Instead many were interested in jobs that ...

Elementary economics tells us that a good decision is to maximize utility. Utility refers to how desirable a task or choice is for an individual. Maximizers are people who strive to get the very best ...

Profit maximization seeks to find new methods to increase net revenue for a business, often without relying on increased demand or changing sales prices – although these are also viable strategies. As ...

We estimate a model of utility-maximizing physician behavior. Our model accounts for the interdependence of physician input, output, and work/leisure choices, and includes an endogenous virtual wage ...