Discover the concept of utility in microeconomics, exploring its origins, types, and applications to analyze consumer ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Robert Kelly is managing director of XTS Energy LLC, and has more than three ...

A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of rational choice theory, it helps economists analyze how consumers make decisions to ...

Mainstream economics has long struggled to model ethical behaviour, including what is perhaps its simplest type, altruism. The standard assumption of homo economicus, an agent who maximizes his ...