| 31. | For any such preference relation, there are many continuous utility functions that represent it.
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| 32. | This and only this utility function has the feature of constant relative risk aversion.
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| 33. | However, it is possible for preferences not to be representable by a utility function.
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| 34. | An additive utility function is characteristic of independent goods.
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| 35. | Another very important concept used to understand mental accounting is that of modified utility function.
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| 36. | This can be done by deconstructing the utility function.
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| 37. | In the field of von Neumann Morgenstern utility function
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| 38. | The indirect utility function can be calculated by substituting the demand into the utility function.
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| 39. | The indirect utility function can be calculated by substituting the demand into the utility function.
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| 40. | Some even question the value of ordinal utility functions.
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