Utility is the importance that we attach to things. We make choices on the basis of this importance. Indeed, in economic terms, “utility,” “importance,” and “value” are synonyms. We choose what is ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. In economics, demand is the consumer's ...

The introduction of real-cash balances into the neoclassical model of the consumer wrecks havoc, in general, on the empirically observable refutable comparative statics properties of the model. We ...

Utility in economics refers to the level of happiness or satisfaction of individuals. Individuals derive utility from the consumption of goods and services, and seek to maximize their utility under ...

Green, Jerry R., Lawrence J. Lau, and Heraklis Polemarchakis. "A Theorem on the Identifiability of the von Neumann-Morgenstern Utility Function from Asset Demands." Economics Letters 1, no. 3 (1978): ...