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Economics
/
Consumer Theory
/
Utility Function Representation
Utility Function Representation
The assumption that consumer preferences can be represented by a scalar utility function
U
(
x
1
,
.
.
.
,
x
n
)
U(x_1, ..., x_n)
U
(
x
1
,
...
,
x
n
)
. The goal is to derive
U
U
U
from observed choices.