|
|
HEDONIC: Derived from the philosophy of hedonism (that happiness is the chief good in life), the notion that value is ultimately dependent on the satisfaction of wants and needs. The word hedonic is most often used together with the word price, as in hedonic price. This suggests the view that price is based on the satisfaction generated by consuming a good, regardless of the source of the satisfaction. This notion of hedonic is closely related to, and largely indistinguishable from, the more common concept of utility.
Visit the GLOSS*arama
|
|
|
|
|
UTILITY MAXIMIZATION The process or goal of obtaining the highest level of utility from the consumption of goods or services. The goal of maximizing utility is a key assumption underlying consumer behavior studied in consumer demand theory. Consumers are assumed to make choices, especially concerning the purchase of goods, such that they obtain the highest possible level of satisfaction. Utility maximization can be achieved at the peak of the total utility curve.
Complete Entry | Visit the WEB*pedia |
|
|
RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
|
|
|
A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
|
|
|
"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
|
|
BEA
Bureau of Economic Analisys
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
