Utility Theory Quotes & Sayings

I would hate to be on a plane every day. — Tatjana Patitz

The strengths landscape architecture draws from its garden design heritage include: the Vitruvian design tradition of balancing utility, firmness and beauty; use of the word 'landscape' to mean 'a good place' - as the objective of the design process; a comprehensive approach to open space planning involving city parks, greenways and nature outside towns; a planning theory about the contextualisation of development projects; the principle that development plans should be adapted to their landscape context. — Tom Turner

Human individuals and human organizations typically have preferences over resources that are not well represented by an "unbounded aggregative utility function". A human will typically not wager all her capital for a fifty-fifty chance of doubling it. A state will typically not risk losing all its territory for a ten percent chance of a tenfold expansion. [T]he same need not hold for AIs. An AI might therefore be more likely to pursue a risky course of action that has some chance of giving it control of the world. — Nick Bostrom

Be careful ... any time you find yourself defining the "winner" as someone other than the agent who is currently smiling from on top of a giant heap of utility. — Eliezer Yudkowsky

[The theory of the firm] is exactly analogous to the analysis of the reactions of a consumer by means of indifferent curves. Indeed, a consumer is merely a 'firm' whose product is 'utility'. — Kenneth E. Boulding

Although a large branch of game theory is devoted to the study of expected utility, we generally consider each player's payoffs as a ranking of his most preferred outcome to his least preferred outcome. — William Spaniel

Faith opens our hearts for the entrance of the holy. It is almost as though God were thinking for us. — Abraham Joshua Heschel

From this failure to expunge the microeconomic foundations of neoclassical economics from post-Great Depression theory arose the "microfoundations of macroeconomics" debate, which ultimately led to a model in which the economy is viewed as a single utility-maximizing individual blessed with perfect knowledge of the future.
Fortunately, behavioral economics provides the beginnings of an alternative vision of how individuals operate in a market environment, while multi-agent modelling and network theory give us foundations for understanding group dynamics in a complex society. These approaches explicitly emphasize what neoclassical economics has evaded: that aggregation of heterogeneous individuals results in emergent properties of the group, which cannot be reduced to the behavior of any "representative individual." These approaches should replace neoclassical microeconomics completely. — Steve Keen

Most people, even in simple risky situations, don't behave the way the theory of utility would have them behave. — Howard Raiffa

Failure is only a temporary fall. You must rise up any time you fall. — Lailah Gifty Akita

Physical evolution, so reason cannot be explained as a mere extension or complication of consciousness. To explain our rationality will require something in addition to what is needed to explain our consciousness and its evidently adaptive forms, something at a different level. Reason can take us beyond the appearances because it has completely general validity, rather than merely local utility. If we have it, we recognize that it can be neither confirmed nor undermined by a theory of its evolutionary origins, nor by — Thomas Nagel

Though determinants and matrices received a great deal of attention in the nineteenth century and thousands of papers were written on these subjects, they do not constitute great innovations in mathematics ... Neither determinants nor matrices have influenced deeply the course of mathematics despite their utility as compact expressions and despite the suggestiveness of matrices as concrete groups for the discernment of general theorems of group theory ... — Morris Kline

In neo-classical economic theory, it is claimed without evidence that people are basically self-seeking, that they want above all the satisfaction of their material desires: what economists call "maximising utility". The ultimate objective of mankind is economic growth, and that is maximized only through raw, and lightly regulated, competition. If the rewards of this system are spread unevenly, that is a necessary price. Others on the planet are to be regarded as either customers, competitors or factors of production. Effects upon the planet itself are mere "externalities" to the model, with no reckoning of the cost - at least for now. Nowhere in this analysis appears factors such as human cooperation, love, trust, compassion or hatred, curiosity or beauty. Nowhere appears the concept of meaning. What cannot be measured is ignored. But the trouble is that once our basic needs for shelter and food have been met, these factors may be the most important of all. — Carne Ross

We did talk about cheese on our first date. — Jane Kaczmarek

Let's get one thing straight: Mexican food takes a certain amount of time to cook. If you don't have the time, don't cook it. You can rush a Mexican meal, but you will pay in some way. You can buy so-called Mexican food at too many restaurants that say they cook Mexican food. But the real food, the most savory food, is prepared with time and love and at home. So, give up the illusion that you can throw Mexican food together. Just understand that you are going to have to make and take the time. — Denise Chavez

The real test of 'knowledge' is not whether it is true, but whether it empowers us. Scientists usually assume that no theory is 100 per cent correct. Consequently, truth is a poor test for knowledge. The real test is utility. A theory that enables us to do new things constitutes knowledge. Over — Yuval Noah Harari

The triumph of science has been mainly due to its practical utility, and there has been an attempt to divorce this aspect from that of theory, thus making science more and more a technique, and less and less a doctrine as to the nature of the world. The penetration of this point of view to philosophers is very recent. — Bertrand Russell

Think bigger. Forget limits. Embrace the idea of endless possibility ... It will change you. — Marianne Williamson

In 1620 Francis Bacon published a scientific manifesto titled The New Instrument. In it he argued that 'knowledge is power'. The real test of 'knowledge' is not whether it is true, but whether it empowers us. Scientists usually assume that no theory is 100 per cent correct. Consequently, truth is a poor test for knowledge. The real test is utility. A theory that enables us to do new things constitutes knowledge. — Yuval Noah Harari

That man is a reality, mankind an abstraction; that men cannot be treated as units in operations of political arithmetic because they behave like the symbols for zero and the infinite, which dislocate all mathematical operations; that the end justifies the means only within very narrow limits; that ethics is not a function of social utility, and charity not a petty bourgeois sentiment but the gravitational force which keeps civilization in its orbit. — Arthur Koestler

I had come to expect that Chinese friends would make financial decisions that I found uncomfortably risky: launching businesses with their savings, moving across the country without the assurance of a job. One explanation, which Weber and Hsee call "the cushion hypothesis," is that traditionally large Chinese family networks afford people confidence that they can turn to others for help if their risk-taking does not succeed. Another theory is more specific to the boom years. "The economic reforms undertaken by Deng Xiaoping were a gamble in themselves," Ricardo Siu, a business professor at the University of Macau, told me. "So people got the idea that taking a risk is not just okay; it has utility." For those who have come from poverty to the middle class, he added, "the thinking may be, If I lose half my money, well, I've lived through that. I won't be poor again. And in several years I can earn it back. But if I win? I'm a millionaire! — Evan Osnos

Don't ask me how he got here, or what he really is. I think we've all learned over the years that the sooner we accept the simple explanation for the unexplained, the better chance we have of surviving a crisis. — Christopher Moore

People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are "supposed to cost." — William Poundstone

All index-number systems, so far as they are intended to have a greater significance for monetary theory than that of mere playing with figures, are based upon the idea of measuring the utility of a certain quantity of money. The object is to determine whether a gramme of gold is more or less useful to-day than it was at a certain time in the past. As far as objective use-value is concerned, such an investigation may perhaps yield results. We may assume the fiction, if we like, that, say, a loaf of bread is always of the same utility in the objective sense, always comprises the same food value. It is not necessary for us to enter at all into the question of whether this is permissible or not. — Ludwig Von Mises

There are good checklists and bad, Boorman explained. Bad checklists are vague and imprecise. They are too long; they are hard to use; they are impractical. They are made by desk jockeys with no awareness of the situations in which they are to be deployed. They treat the people using the tools as dumb and try to spell out every single step. They turn people's brains off rather than turn them on. Good checklists, on the other hand, are precise. They are efficient, to the point, and easy to use even in the most difficult situations. They do not try to spell out everything - a checklist cannot fly a plane. Instead, they provide reminders of only the most critical and important steps - the ones that even the highly skilled professionals using them could miss. Good checklists are, above all, practical. The power of — Atul Gawande