Detail publikačního výsledku

Utility Maximization as an Optimization Task

BOBALOVÁ, M.

Originální název

Utility Maximization as an Optimization Task

Anglický název

Utility Maximization as an Optimization Task

Druh

Stať ve sborníku v databázi WoS či Scopus

Originální abstrakt

In economics, utility is a term used to describe a subjective feeling of consumer's satisfaction created by goods consumption. Every rational consumer tries to maximize their utility, while minimizing their expenses related to the utility, on the other hand. Utility is evaluated by the user who has to evaluate it in view of their consumption and costs expended to achieve it. If the consumer has limited resources to cover their needs, he or she will try to maximize their utility with a given restriction (income amount). Which brings us to the solution of an optimization task using the Lagrange function and Lagrange multipliers.

Anglický abstrakt

In economics, utility is a term used to describe a subjective feeling of consumer's satisfaction created by goods consumption. Every rational consumer tries to maximize their utility, while minimizing their expenses related to the utility, on the other hand. Utility is evaluated by the user who has to evaluate it in view of their consumption and costs expended to achieve it. If the consumer has limited resources to cover their needs, he or she will try to maximize their utility with a given restriction (income amount). Which brings us to the solution of an optimization task using the Lagrange function and Lagrange multipliers.

Klíčová slova

Utility, optimization, Lagrange function

Klíčová slova v angličtině

Utility, optimization, Lagrange function

Autoři

BOBALOVÁ, M.

Rok RIV

2019

Vydáno

16.11.2018

Nakladatel

IBIMA

Místo

Seville

ISBN

978-0-9998551-1-9

Kniha

Vision 2020: Sustainable Economic Development and Application Management from Regional expansion to Global Growth

Edice

-

Strany od

1343

Strany do

1347

Strany počet

5

BibTex

@inproceedings{BUT155489,
  author="Martina {Bobalová}",
  title="Utility Maximization as an Optimization Task",
  booktitle="Vision 2020: Sustainable Economic Development and Application Management from Regional expansion to Global Growth",
  year="2018",
  series="-",
  number="1",
  pages="1343--1347",
  publisher="IBIMA",
  address="Seville",
  isbn="978-0-9998551-1-9"
}