Utility maximization need not be a conscious or explicit process. What is important for an economist is to be able to observe behavior and then explain what is observed. Decisions that are consistent ...

See their joint paper, “Anomalies: Utility maximization and experienced utility” (Journal of Economic Perspectives, 2006) for an excellent discussion of the limited human capacity to reason about ...

Hernández-Hernández, Daniel , and Alexander Schied. “A control approach to robust utility maximization with logarithmic utility and time-consistent penalties”. Stochastic Process. Appl. 117 (2007): ...

The problem of maximizing a utility function while limiting the outage probability below an appropriate threshold is investigated. A coded-division multi access wireless network under mixed ...