Utility software

A large part of early research into decision theory was based on the economic or normative approach, which tries to predict the actions of a so called ‘rational decision maker’. Although Bernoulli (1738) was the first to introduce the concept of utility into decision making, it was Von Neumann and Morgenstern’s book, ‘Theory of Games and Economic Behaviour’ which revolutionised the idea of a rational decision process. Von Neumann and Morgenstern (1947) explicitly outlined the

Political cost hypothesis: Large firms rather than small firms are more likely to use accounting choices that reduce reported profits. Based on ‘scientific’ research. Large samples, statistics, hypothesis testing; aim = universal truth claims. Rational utility maximising individuals. Makes universal claims – ignores social context Focuses on relationships between various individuals and how accounting is used to assist in the functioning of these relationships. Origins of PAT – Agency Theory: i) Explains

Executive Summary The development of restaurants industries has taken place in modern times of 1900 's. Customer satisfaction includes things that is done for the comfort and improvement of customers and is provided over the price paid for the food. Satisfying customers helps in maintaining the morale of restaurants which would help to retain the customers for longer duration. The satisfaction need not be in providing quality food but also in improving services given to customers. Customer satisfaction

FUT pricing has attractive properties compared to usage-based pricing; it reduces utility variance by bundling plan units, and thus it satisfies diverse consumer needs and could thus enhance firm profits. FUT pricing also has a key advantage over flat rate pricing; by having more than one price point, FUT pricing makes it efficient and flexible to accommodate heterogeneous consumer needs, making it possible to increase total social welfare (combination of firm profit and consumer surplus). However

From the show 's introduction in December 2005, NBC has had tremendous success with the game show Deal or No Deal. The game show, which was created in the Netherlands, pits acontestant against the mysterious banker. The contestant is trying for the case with $1 million,while the banker 's stated goal is to get the contestant to go home with as little money as possible while also trying to keep the game going for as long as possible. Deal or No Deal is a unique game show in that it takes virtually

people — including judges — attempt to maximize their utilities, Posner thinks that the conventional view is an embarrassment which presumes judges are not rational. His theory holds that the judicial insulation has actually left judges maximizing their utilities by trading judicial utility against leisure utility. Posner's theory presents a challenge to the

yield to them. He said “The determination of the value of an item must not be based on the price, but rather on the utility it yields…. There is no doubt that a gain of one thousand ducats is more significant to the pauper than to a rich man though both gain the same amount.” He suggested there was a function U(w) (called a utility function) which describes the amount of value or utility that the individual gains by having an amount of wealth w. Rational individuals prefer more money to less money

higher than a portfolio with only bonds, though with less risk, compared to a portfolio with only stocks. {See Graph 2} B. Indifference curve; optimal portfolio Indifference curves represent the utility the consumer would obtain as a function of certain variables. In portfolio theory, this would mean utility as a function of both expected returns and standard

Career Theories Based off information received in the interview, it appears that artistic (A) would likely be his strongest area in the Holland code. He enjoys activities that allow him to be creative. This is true in work and in leisure. He currently enjoys the creativity in his work, and enjoyed it as a cook, as well. Plus, he enjoys painting and music. His artistic side was a theme throughout the interview. While the artistic side is clear, I would also theorize that he could fall under investigative

Tangibles versus intangibles, which ones bear a higher value today? Since the first human economic relations, tangible goods, those one can feel and touch, were playing a predominant role as objects of trade. Over time, with the course of history, intangible aspects of products (those one cannot touch or feel) such as personal attachment attributes, place of goods origin, appearance and visual design, aesthetic, status or social properties rose sharply. A developed, prosperous society is characterized