utility

utility

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In economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world. Over time, the term has been used in at least two different meanings.

In a normative context, utility refers to a goal or objective that we wish to maximize, i.e. an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill.
In a descriptive context, the term refers to an apparent objective function; such a function is revealed by a person's behavior, and especially by their preferences over lotteries.
The relationship between these two kinds of utility functions is highly controversial among both economists and ethicists.

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