Dictionary

Glossary of game theory terms.

Utility

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