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Total Utility

Everyone tries to maximize his utility, i.e. get most bang for buck. This may include money, time, or physical effort.

Utility can also comprise social reward, pleasure reward, satisfaction reward etc.

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Herbert Simon adapts the idea in 'Models of My Life':


The remaining text is provided in the full PDF that is available for $2.99

*

Additional insight from 'Thinking & Deciding' by Jonathan Baron is provided in the full PDF

Mnemonic:



A utility vehicle