Mlesd Notes about Utility Maximization 50 7 tility maximization is very common and well accepted Usually U is a non -linear combination of objectives J Physical meaning of aggregate objective is lost (no units) Need to obtain a mathematical representation for U(Jy for all to include all components of utility Utility function can vary drastically depending on decision maker .e.g. in U.s. Govt change every 3-4 years o Massachusetts Institute of Technology -Prof de Weck and Prof. Willcox Engineering Systems Division and Dept of Aeronautics and Astronautics13 © Massachusetts Institute of Technology - Prof. de Weck and Prof. Willcox Engineering Systems Division and Dept. of Aeronautics and Astronautics Notes about Utility Maximization Notes about Utility Maximization • Utility maximization is very common and well accepted • Usually U is a non-linear combination of objectives J • Physical meaning of aggregate objective is lost (no units) • Need to obtain a mathematical representation for U(Ji ) for all I to include all components of utility • Utility function can vary drastically depending on decision maker …e.g. in U.S. Govt change every 3-4 years