Fact checked by Ariel Courage Reviewed by Erika Rasure What Is Utility Function? In economics, the utility function measures the welfare or satisfaction of a consumer as a function of the ...

Within the context of a man-computer simulation game, the individual's use of utility functions during residential search is shown to be influenced by the amount of searching, the information load ...

The utility function measures a consumer’s preference for goods or services in terms of satisfaction. Learn how to calculate it and why it’s important to economists and businesses.