In general, modelling is used to simulate situations/events. A function, or any other equation, such as differential equations, can be used to approximate the behaviour of almost anything. Utility functions are functions that state what is better than something else, taking parameters of the situation as inputs. There are two main types of utility functions that are used to quantify and compare situations: ordinal and cardinal.
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In general, modelling is used to simulate situations/events. A function, or any other equation, such as differential equations, can be used to approximate the behaviour of almost anything. Utility functions are functions that state what is better than something else, taking parameters of the situation as inputs. There are two main types of utility functions that are used to quantify and compare situations: ordinal and cardinal.