Utility Theory The utility definition in economics relates to the concept of usefulness. An economic good yields utility to the extent to which it's useful for satisfying a consumer’s want or need.

Utility is often measured indirectly in economics because it is a subjective and unobservable concept. Economists use tools like total utility, marginal utility, and indifference curves to analyze ...

Forbes.com: You've said your and Professor Tvesky's groundbreaking work in economics goes back to a 1979 article in Econometrica, an economics journal. What got you focusing on the dismal science?

In many ways, marketing can be thought of as a sub-discpline of economics. ... The economic utility theory states that consumers will buy things that increase their personal satisfaction.

This classic example demonstrates that people are more willing to take a greater statistical risk if it means avoiding a $1,000 loss versus obtaining a $1,000 win, which contradicts expected utility ...

For example, advanced change‐of‐probability measures have been proposed to generalise expected utility theory in settings where law-of-large-numbers assumptions do not hold, thereby capturing ...

The last 40 years or so have seen a flurry of work in economics to explain why the phenomenon of intra-industry trade is so pervasive. A key paper was by future Nobel Laureate Paul Krugman in 1980.

The late 1980s were peak years in terms of the status of economic theory within the broader economics profession. The field had gone through the so-called game theory revolution and was busy ...

Currently the most underrated theory in economics is the so-called Quantity Theory of Money.It has been out of fashion for a long time, and even Federal Reserve Chair Jerome Powell has said that a ...