1) a public or private entity that provides products or services. including communications. electricity. natural gas. transportation. and water. 2) the facilities associated with any particular utility. 3) an economic concept considered in the appraisal of monetary value; the ability to satisfy human desires. needs. and wants; the quality of usefulness.
utility (Wikipedia)
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.