Exploration of compensating variation, including definitions, historical context, and major theoretical frameworks.
Comparing the welfare of one individual with another using utility functions.
An in-depth look at the marginal utility of income, its definition, theories, and applications in economic analysis.
Economic concept representing the certain outcome that provides the same utility as the expected utility from a gamble.
Exploration of compensating variation, including definitions, historical context, and major theoretical frameworks.
A loss in utility derived from the consumption of a 'bad', often interchanged with the disutility from labor.
The amount of additional income required to reach the utility level achievable if the economic environment changes.
An analysis of habit persistence in economic preferences where current and previous consumption levels affect utility.
A graphical representation of the set of commodity bundles that are ranked as equally good by a consumer.
Understanding the concept of Interdependent Utility and its implications in economic theory.
Time spent not working and regarded as a consumption good from which utility is derived in economic models.
The addition to an individual’s utility from a small increase in consumption of any good, per unit of the increase.
The increase in an individual’s utility from an incremental increase in total wealth.
The maximin principle is a theory of distributive justice proposed by John Rawls. The principle states that the social objective should be the maximization of the utility of the worst-off person.
The analysis of the best growth path for an economy by balancing current utility loss and future utility gain. See also golden rule.
Definition and implications of the term Reservation Utility
Examination of the concept of being risk-averse, its definition, historical context, and major analytical frameworks.
Exploring the concept of risk-neutrality in economics, highlighting its definitions, key frameworks, and applications.
The level of welfare in an economy or society expressed as a function of economic variables.
A comprehensive exploration of the concept of substitutes in economics—goods or services that can be used to satisfy similar needs.
The concept of a util as a theoretical unit of measurement for utility in economics.
An exploration of the concept of utility in economics, its definitions, and applications across various economic theories.
A principle in consumer theory ensuring that a consumer's choices are consistent with a utility-maximizing behavior
An economics term referring to a measure of the change in the cost of maintaining a given standard of living, assuming all factors remain constant except for the prices of goods in the index
Definition and Meaning of the Utility Function in Economics
