We review the evolution of the concept of utility in economics, addressing the conceptual and terminological … analyse the main theoretical approaches, ranging from utility as preference to utility as subjective satisfaction and well …-being. Particular attention is paid to procedural utility, i.e., the utility derived from the way decisions are made and interactions …

(where the probabilities are either known or subjectively estimated by the decision-maker), and a utility matrix of making … value of the utility function of the benefits resulting from making a decision in a possible world state. The behavioral … utility than possible in the given conditions and satisfaction with the choice which proved better than the worst option. The …