Publication detail

Utility Maximization as an Optimization Task

BOBALOVÁ, M.

Original Title

Utility Maximization as an Optimization Task

Type

conference paper

Language

English

Original Abstract

In economics, utility is a term used to describe a subjective feeling of consumer's satisfaction created by goods consumption. Every rational consumer tries to maximize their utility, while minimizing their expenses related to the utility, on the other hand. Utility is evaluated by the user who has to evaluate it in view of their consumption and costs expended to achieve it. If the consumer has limited resources to cover their needs, he or she will try to maximize their utility with a given restriction (income amount). Which brings us to the solution of an optimization task using the Lagrange function and Lagrange multipliers.

Keywords

Utility, optimization, Lagrange function

Authors

BOBALOVÁ, M.

Released

16. 11. 2018

Publisher

IBIMA

Location

Seville

ISBN

978-0-9998551-1-9

Book

Vision 2020: Sustainable Economic Development and Application Management from Regional expansion to Global Growth

Edition

-

Edition number

1

Pages from

1343

Pages to

1347

Pages count

5

BibTex

@inproceedings{BUT155489,
  author="Martina {Bobalová}",
  title="Utility Maximization as an Optimization Task",
  booktitle="Vision 2020: Sustainable Economic Development and Application Management from Regional expansion to Global Growth",
  year="2018",
  series="-",
  number="1",
  pages="1343--1347",
  publisher="IBIMA",
  address="Seville",
  isbn="978-0-9998551-1-9"
}