scholarly journals Agent negotiation on resources with nonlinear utility functions

2012 ◽  
Vol 9 (4) ◽  
pp. 1697-1720 ◽  
Author(s):  
Xiangrong Tong ◽  
Wei Zhang ◽  
Houkuan Huang
Keyword(s):  
Marginal Utility ◽  
Utility Functions ◽  
Prior Work ◽  
Negotiation Model ◽  
Agent Negotiation ◽  
Linear Utility ◽  
Diminishing Marginal Utility ◽  
Two Phases ◽  
The Relationship ◽  
Linear Utility Functions

To date, researches on agent multi-issue negotiation are mostly based on linear utility functions. However, the relationship between utilities and resources is usually saturated nonlinear. To this end, we expand linear utility functions to nonlinear cases according to the law of diminishing marginal utility. Furthermore, we propose a negotiation model on multiple divisible resources with two phases to realize Pareto optimal results. The computational complexity of the proposed algorithm is polynomial order. Experimental results show that the optimized efficiency of the proposed algorithm is distinctly higher than prior work.

Income or Culture? Examining the Determinants of Subjective Wellbeing in an International Sample

2019 ◽  
Author(s):  
Siddharth Garg
Keyword(s):  
Online Survey ◽  
Subjective Wellbeing ◽  
Regression Coefficient ◽  
Marginal Utility ◽  
Economic Class ◽  
Income Groups ◽  
Significant Difference ◽  
The World ◽  
Diminishing Marginal Utility ◽  
The Relationship

Objective: The aim of this paper was to examine the relationship between income, subjective wellbeing, and culture among people from a higher socio-economic class across the world. Rationale: Ed Diener proposed the law of diminishing marginal utility as an explanation for differences in subjective wellbeing among different income groups across different countries (Diener, Ng, & Tov, Balance in life and declining marginal utility of diverse resources, 2009). Thus, people with higher incomes would experience less subjective wellbeing due to income, and culture should emerge as a significant predictor. Method: Data from this study came from another study (https://siddharthgargblog.wordpress.com/2019/07/14/love-for-money/). I used an online survey to collect data on annual income in US dollars, subjective wellbeing (WHO-5), and country of residence (Indicator of Culture). 96 responses (Indians = 24, Foreigners = 72) were entered in IBM SPSS and a regression analysis was conducted. The raw dataset used in this study can be found at https://doi.org/10.6084/m9.figshare.8869040.v1Results: ANOVA showed a significant difference (p < 0.05) between Indians and foreigners on levels of subjective wellbeing. Linear regression shows the regression coefficient of culture to be significant (Beta = -.254, p = .014) but the regression coefficient of income was not found to be significant. The overall model was found to explain 8.2% of the variance in wellbeing.Conclusion: The sample of this study is too small to make any kind of generalization; it does lend a little bit of support to the idea of diminishing marginal utility of income on subjective wellbeing and provides a rationale for further research.

scholarly journals The Reinsurer's Monopoly and the Bowley Solution

1985 ◽  
Vol 15 (2) ◽  
pp. 141-148 ◽  
Author(s):  
Fung-Yee Chan ◽  
Hans U. Gerber
Keyword(s):  
Expected Utility ◽  
Random Variable ◽  
Utility Functions ◽  
Linear Utility ◽  
Linear Utility Functions

AbstractThe reinsurer has a monopoly in the following sense: He will select a random variable P that determines the reinsurance premiums. The first insurer can purchase a payment of R (a random variable) for a premium of π = E[PR]. For known P, the first insurer chooses R to maximize his expected utility. Knowing this, i.e., the demand for reinsurance as a function of P, the reinsurer chooses P to maximize his utility. The resulting pair (P, R) is called the Bowley solution. Assuming exponential, quadratic and/or linear utility functions, some explicit results are obtained.

scholarly journals A Logit Model with Non-Linear Utility Functions

2003 ◽  
Vol 20 ◽  
pp. 493-500
Author(s):  
Shoichiro NAKAYAMA ◽  
Jun-ichi TAKAYAMA ◽  
Yuichiro YAMASHITA
Keyword(s):  
Logit Model ◽  
Utility Functions ◽  
Non Linear ◽  
Linear Utility ◽  
Linear Utility Functions
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