"utility maximisation" is a correct and usable phrase in written English.
It is most commonly used in economic and business contexts, to describe a situation where a company or individual is trying to get the most benefit or gain for their resources or investments. For example: "The company's strategy for the next quarter is based around utility maximisation to ensure the best possible return for their investments."
This complements earlier work on the design of efficient SC experiments based on Random Utility Maximisation (RUM) models.
In this paper we formulate and solve these tasks as utility maximisation problems under different traffic regimes, for the first time in the mmWave context.
Sandel's book is, in its calm way, an all-out assault on that idea, and on the influential doctrine that the economic approach to "utility maximisation" explains all human behaviour.
Surely, he thought, online dating sites had global reach, economies of scale and algorithms ensuring utility maximisation (this way of talking about dating, incidentally, explains why so many behavioural economists spend Saturday nights getting intimate with single-portion lasagnes).
Various random utility maximisation (RUM) choice models were estimated, including multinomial logit, nested logit, and mixed logit, as well as models accounting for panel effects.
Furthermore, our EGT analysis highlights the importance of considering metrics, in addition to utility maximisation (such as the size of the basin of attraction), in determining what makes a successful and robust negotiation agent for practical settings.
For the purposes of understanding how society copes with the consequences of those decisions, the assumption of rational utility-maximisation works just fine.But today's neuroeconomists are not the first dismal scientists to dream of peering inside the human brain.
This method measures consumer preference according to McFadden's random utility (benefit) maximisation (RUM) framework amongst a choice set which contains two or more alternatives of products or goods varying along several characteristics (attributes) of interest.
A mixed integer linear-programming model is developed for a utility company's profit maximisation, while a linear-programming model aims at minimising the balance of greenhouse-gas emissions related to the proposed energy system and the avoided emissions due to the substitution of current fossil-fuel boilers with district-heating connections.
As soon as we take up the viewpoint which aims at nothing but the overall maximisation of utility, and which sees agents as no more than nodes in the causal network that is to be manipulated to produce this consequence, we have lost sight of the very idea of agency.
On that analysis, it would seem that the maximisation of expected utility is the criterion for selecting the appropriate probabilistic threshold to apply and it plays no further role in deciding whether that threshold, once selected, is met on the evidence adduced in the particular case.
