The Economic Utility Function

Utility is a term in economics that refers to the total satisfaction (or perceived value) received from the consumption or use of a good or service; the concept of utility is used to model worth or value.

Economic theories based on rational choice usually assume that consumers will strive to maximize their utility or value. The Economic Utility of a good or service directly influences the demand and the price of that good or service. The economic utility definition is derived from the concept of usefulness. An economic good yields utility to the extent to which it's useful for satisfying a consumer's want or need. Marginal Utility is the utility gained by consuming an additional unit of a good or service.

Data Ramifications: Utility is measured by the perceived value received from the consumption or use of a good or service, which means that the utility or perceived value from data and analytics is measured by the perceived value received...