In any game, utility represents the motivations of players. A utility function for a given player assigns a number
for every possible outcome of the game with the property that a higher number implies that the outcome is more preferred.
utility functions may either ordinal in which case only the relative rankings are important, but no
quantity is actually being measured, or cardinal, which are important for games involving
mixed strategies

updated: 15 August 2005

HOW TO CITE THIS ENTRY

- To learn more:
- Go to game theory .net page.
- See news articles on mixed strategies.
- Learn about risk aversion and utility on the interactively.