• Title, Summary, Keyword: utility function

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The Utility of Function Expressed in 1990s Fashion (1990년대 패션에 나타난 기능의 효율성)

  • Ham, Youn-Ja
    • Fashion & Textile Research Journal
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    • v.7 no.4
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    • pp.371-377
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    • 2005
  • The purpose of this study is to consider 1990s fashion design involving the utility of function which is the essence of modernism. First, documentary studies about the aesthetic value of the utility of function throughout the 20th century sociocultural contexts has been done. Second, content analysis of articles in American "Vogue" from 1990 to 2002 has been accomplished to hold the actual proof for the utility of function in postmodernism fashion. As a result, the utility of function has been defined the utility of body activity, the utility of practical use, and the utility of mechanical product. According to contents analysis, new aspects has been introduced in use of high-tech fabrics, ornaments, and mass customization in 1990s. In conclusion, the utility of function in fashion has been improved in accordance with the change of sociocultural contexts and women's wants.

A CONVERGENCE OF OPTIMAL INVESTMENT STRATEGIES FOR THE HARA UTILITY FUNCTIONS

  • Kim, Jai Heui
    • East Asian mathematical journal
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    • v.31 no.1
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    • pp.91-101
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    • 2015
  • An explicit expression of the optimal investment strategy corresponding to the HARA utility function under the constant elasticity of variance (CEV) model has been given by Jung and Kim [6]. In this paper we give an explicit expression of the optimal solution for the extended logarithmic utility function. And we prove an a.s. convergence of the HARA solutions to the extended logarithmic one.

A Decision Method of Optimal Maintenance Strategy for Standby System (대기체계의 정비전략 결정방법)

  • 하석태;최영주
    • Journal of the military operations research society of Korea
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    • v.24 no.1
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    • pp.98-109
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    • 1998
  • This study develops a maintenance strategy for a reparable 2-unit standby system. The maintenance strategy implies the waiting time to call the repair facility when the unit-1 fails. Almeida and Souza set up the multi-attribute utility function consisting of system availability and repair cost for several maintenance strategies and decide the optimal maintenance strategy that maximize the expected value of the utility function. We decide the optimal maintenance strategy satisfying the following two criteria about the utility function : maximum variance using Almeida and Souza's utility function. It both criteria are not satisfied at the same time for every strategies, the strategy maximizing the lower confidence limit for expected utility function is regarded as an optimal one.

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Relative Risk Aversion and Stochastic-Statistical Dominance (상대적(相對的) 위험(危險)과 추계적(推計的)-통계적(統計的) 우세법칙(優勢法則))

  • Lee, Dae-Joo
    • Journal of Korean Institute of Industrial Engineers
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    • v.15 no.2
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    • pp.33-44
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    • 1989
  • This paper presents stochastic-statistical dominance rules which eliminate dominated alternatives thereby reduce the number of satisficing alternatives to a manageable size so that the decision maker can choose the best alternative among them when neither the utility function nor the probability distribution of outcomes is exactly known. Specifically, it is assumed that only the characteristics of the utility function and the value function are known. Also, it is assumed that prior probabilities of the mutually exclusive states of nature are not known, but their relative bounds are known. First, the notion of relative risk aversion is used to describe the decision maker's attitude toward risk, which is defined with the acknowledgement that the utility function of the decision maker is a composite function of a cardinal value function and a utility function with-respect to the value function. Then, stochastic-statistical dominance rules are developed to screen out dominated alternatives according to the decision maker's attitude toward risk represented in the form of the measure of relative risk aversion.

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A Double Auction Model based on Nonlinear Utility Functions;Genetic Algorithms Approach for Market Optimization

  • Choe, Jin-Ho;An, Hyeon-Cheol
    • Proceedings of the Korea Inteligent Information System Society Conference
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    • pp.592-601
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    • 2007
  • In the conventional double auction approaches, two basic assumptions are usually applied - (1) each trader has a linear or quasi-linear utility function of price and quantity, (2) buyers as well as sellers have identical utility functions. However, in practice, these assumptions are unrealisitc. Therefore, a flexible and integrated double auction mechanism that can integrate all traders' diverse utility functions is necessary. We propose a double auction mechanism with resource allocation based on nonlinear utility functions, namely a flexible synchronous double auction system where each participant can express a diverse utility function on the price and quantity. In order to optimize the total market utility consists of multiple complex utility functions of traders, our study proposes a genetic algorithm (GA) We show the viability of the proposed mechanism through several simulation experiments.

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Characteristics of Kitchen and Utility Space Plan in Recently Supplied Apartment Housing (최근 분양된 공동주택의 전용면적 규모에 따른 가사작업공간 계획특성)

  • Han, Jeong-Won
    • Journal of the Korean Home Economics Association
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    • v.46 no.8
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    • pp.135-147
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    • 2008
  • This study was to identify the spatial and functional characteristics of kitchen and utility space plan in apartment housing. For this purpose, spatial arrangement and function of kitchen and utility space were analyzed according to the size of apartment unit. The results of this study were as follows; 1) The level of spatial separation among living room, dining room, and bedroom is higher in large-sized apartment. And diverse plans were applied for the kitchen of large-sized apartment. 2) To find out functional characteristics of kitchen space, furniture arrangement was analyzed. The I-type kitchen furniture is dominant for small-sized and medium-small apartment, and L-type furniture for medium-large and large sized apartment. 3) For most of the unit plans utility space is located on the balcony outside the kitchen. 4) Sub-kitchen and laundry are major function of utility space, but in case of balcony extention, the function of utility space is minimized. Recent plans for apartment housing shows various spatial arrangement and functions for kitchen and utility space.

Maximal United Utility Degree Model for Fund Distributing in Higher School

  • Zhang, Xingfang;Meng, Guangwu
    • Industrial Engineering and Management Systems
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    • v.12 no.1
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    • pp.36-40
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    • 2013
  • The paper discusses the problem of how to allocate the fund to a large number of individuals in a higher school so as to bring a higher utility return based on the theory of uncertain set. Suppose that experts can assign each invested individual a corresponding nondecreasing membership function on a close interval I according to its actual level and developmental foreground. The membership degree at the fund $x{\in}I$ is called utility degree from fund x, and product (minimum) of utility degrees of distributed funds for all invested individuals is called united utility degree from the fund. Based on the above concepts, we present an uncertain optimization model, called Maximal United Utility Degree (or Maximal Membership Degree) model for fund distribution. Furthermore, we use nondecreasing polygonal functions defined on close intervals to structure a mathematical maximal united utility degree model. Finally, we design a genetic algorithm to solve these models.

D2D Utility Maximization in the Cellular System: Non Cooperative Game Theoretic Approach

  • Oh, Changyoon
    • Journal of the Korea Society of Computer and Information
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    • v.24 no.7
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    • pp.79-85
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    • 2019
  • We investigate the D2D utility maximization in the cellular system. We focus on the non cooperative game theoretic approach to maximize the individual utility. Cellular system's perspective, interference from the D2D links must be limited to protect the cellular users. To accommodate this interference issue, utility function is first defined to control the individual D2D user's transmit power. More specifically, utility function includes the pricing which limits the individual D2D user's transmit power. Then, non cooperative power game is formulated to maximize the individual utility. Distributed algorithm is proposed to maximize the individual utility, while limiting the interference. Convergence of the proposed distributed algorithm is verified through computer simulation. Also the effect of pricing factor to SIR and interference is provided to show the performance of the proposed distributed algorithm.

CARA UTILITY AND OPTIMAL RETIREMENT

  • CHOI, JONGSUNG;LEE, HO-SEOK
    • Journal of applied mathematics & informatics
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    • v.39 no.1_2
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    • pp.215-222
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    • 2021
  • We explore an optimal consumption/portfolio and retirement problem with a CARA utility function of consumption. The relevant Bellman equation for the value function is transformed into a linear equation and the optimal strategies are obtained explicitly.

ASYMPTOTIC ANALYSIS FOR PORTFOLIO OPTIMIZATION PROBLEM UNDER TWO-FACTOR HESTON'S STOCHASTIC VOLATILITY MODEL

  • Kim, Jai Heui;Veng, Sotheara
    • East Asian mathematical journal
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    • v.34 no.1
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    • pp.1-16
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    • 2018
  • We study an optimization problem for hyperbolic absolute risk aversion (HARA) utility function under two-factor Heston's stochastic volatility model. It is not possible to obtain an explicit solution because our financial market model is complicated. However, by using asymptotic analysis technique, we find the explicit forms of the approximations of the optimal value function and the optimal strategy for HARA utility function.