In decision theory, the von Neumann–Morgenstern (VNM) utility theorem shows that, under certain axioms of rational behavior, a decision-maker faced with risky (probabilistic) outcomes of different choices will behave as if he or she is maximizing the expected value of some function defined over the potential outcomes at some specified point in the future. This function is known as the von Neumann–Morgenstern utility function. The theorem is the basis for expected utility theory.
Utility is something we get when consuming goods and services in societies. And in all countries, consumers are trying to maximize the utility with the restrictions that are present, and that means that we are trying to organize life to have most of pleasure and inspiration in life, and that we are avoiding doing stupid things or bad things, in such manners that we are trying to avoid consuming things that means that we are worser off than before. And utility is an abstract concept, but it means that we should have the life as journey, where we are consuming things that make goodness in life, and that we are trying to avoid bad situations, and that we in life want most happiness in the shortest possible time units that we are using, and we do not find all these things in organizations, but maybe we should organize our lives as good as possible in the human nature in the nature, and we must maybe be seeing to many sides and aspects of life, and perhaps we must ignore the organizations and think about what makes of most happy in life of all the things and all the events that are conceivable to happen.
We are learning about utility in Microeconomic analysis, and these function should be maximized due to the restrictions that are present, for instance from income and from saving behavior. And utility can go in all directions, from positive utility to neutral utility to negative utility. And we should do decisions in life that are making life worth of living. And we do not always find the best thinkers in the organizations, but we find them where the brain activity and the intelligence level should be used in sensible ways to make the choices as good as possible. And research is choices, choices and even more choices when thinking about infinity of actions in the long run for the life in question.
So, economists have through a long period in life dwelled around what is making humans happy in their lives, and why we are living as we are living from day to day, and from time period to time period. And the main thing is that humans want as much quantity as they can imagine of pleasure, and we as little suffering as possible. And we are making choices in freedom, and we have the will and the ability to do what we want. But the problem is to measure utility, and we are saying and writing to each other, that we are organizing life in sensible and good ways, and we are telling that to each other around the planet being in different places in different countries from time to time. And organizations are professional or they are bad, and this means that we sometimes can do sensible moves and in other times foolish movements. And life is about doing things alone or in cooperation with other people, and we have preferences that determine what we like and appreciate with the life, and we are having different opinions about what is making us more happy as humans, and that we should make choices that make life interesting, exciting and like a positive journey. The main thing with all things in life is to get satisfaction, and to avoid too much dissatisfaction with all the doings and non-doings.
So, not all people, also in the universities, are making a theorem in their lives, and hence there is evaluation about how strong and focused the teaching has been, and also with how much is written in different journals, mainly A-journals, with quality that manners, and that we should read things that make the life as a valuable activity for you and for other people around you in the whole life. Happy new year, and the best wishes for the new year! Yes, we are in 2022 now, and think and feel that this year is just now!
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