Concepedia

Concept

utility theory

Variants

Preference Theory

Parents

2.5K

Publications

312.3K

Citations

3.5K

Authors

1.2K

Institutions

About

Utility theory is a theoretical framework within economics, decision science, and psychology that models how rational agents make choices among alternatives to maximize their subjective satisfaction or 'utility'. It investigates individual preferences under conditions of scarcity, risk, or uncertainty, providing a foundational basis for analyzing economic behavior and predicting decision-making outcomes.

Top Authors

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PC

AT&T (United States)

PP

Erasmus University Rotterdam

EK

Johns Hopkins University

AE

University of Illinois Urbana-Champaign

RD

University of California, Irvine

Top Institutions

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University of Chicago

Chicago, United States

Pittsburgh, United States

Stanford University

Stanford, United States

Northwestern University

Evanston, United States

Top Venues

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