Source: wikibot/single-parameter-utility

= Single-parameter utility
{wiki=Single-parameter_utility}

Single-parameter utility refers to a form of utility representation in economics and decision theory where an individual's preferences can be represented by a single value or parameter. This value typically reflects the level of satisfaction or happiness derived from different outcomes or choices. In more detail, a single-parameter utility function assigns a numerical value to each possible outcome in such a way that these values can be used to compare alternatives.