Utility Maximization as an Optimization Task

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F18%3APU131071" target="_blank" >RIV/00216305:26510/18:PU131071 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Utility Maximization as an Optimization Task
Original language description
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.
Czech name
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Czech description
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Project
<a href="/en/project/GA16-03796S" target="_blank" >GA16-03796S: Development of new methods of solving dynamic models of corporate processes management</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Vision 2020: Sustainable Economic Development and Application Management from Regional expansion to Global Growth
ISBN
978-0-9998551-1-9
ISSN
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e-ISSN
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Number of pages
5
Pages from-to
1343-1347
Publisher name
IBIMA
Place of publication
Seville
Event location
Sevilla
Event date
Nov 15, 2018
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000508553202037

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