People want as much utility as they can get.
Why choose acts that maximize expected utility?
We study utility games (Vetta, FOCS 2002) where a set of players join teams to produce social utility, and receive individual utility in the form of payments in return.
Why think the expected utility representation is the right one?
Nonetheless, utility, he thinks, is the standard of right conduct.
Cramér correctly calculated the expected utility (“moral value”) of the St.
Most formulations of utilitarianism require interpersonal comparisons of utility.
These examples suggest that maximizing expected utility is not necessary for rationality.
It turns out that this sum diverges; the St Petersburg game has infinite expected utility.
It evaluates an option’s utility by calculating the option’s expected utility.
Both games have infinite expected utility, so the expected utility principle gives the wrong answer.
Conditional expected-utility maximization using causal decision theory’s formula for expected utility addresses the cases he presents.
Easwaran (2014) argues that we should instead reject the view that expected utility theory commands indifference between acts with equal expected utility.
Given these subjective estimates of probability incorporated into one’s utility function, one can always choose the alternative that maximizes expected utility.
The act with the highest expected utility after the extra evidence is in will always be always at least as good as the act with the highest expected utility beforehand.
The two main types of utility function that will play a role are the ordinal utility function and the more information-rich interval-valued (or cardinal) utility function.
The expected utility of an act is a weighted average of the utilities of each of its possible outcomes, where the utility of an outcome measures the extent to which that outcome is preferred, or preferable, to the alternatives.
Third, while every representation theorem proves that for a suitable preference ordering, there exist a probability and utility function representing the preference ordering, they differ how unique this probability and utility function are.
The proof proceeds in two steps: first the existence of an interval-valued utility function satisfying the preference axioms is proved (this being a utility function that evaluates lotteries in terms of their expected utility, as described previously).
It provides a basis for formalization of team utility, which can be compared with any of the following: the pre-conditioned categorical utility of an individual or sub-team; the conditional utility of an individual or sub-team; or the conditional concordant utility of an individual or sub-team.
- a company that performs a public service; subject to government regulation
- used of beef; usable but inferior
- the quality of being of practical use
- capable of substituting in any of several positions on a team
Example: a utility infielder
- the service (electric power or water or transportation) provided by a public utility
- (economics) a measure that is to be maximized in any situation involving choice
- (computer science) a program designed for general support of the processes of a computer
Example: a computer system provides utility programs to perform the tasks needed by most users
- a facility composed of one or more pieces of equipment connected to or part of a structure and designed to provide a service such as heat or electricity or water or sewage disposal
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