When monetary value is not the sole measure of the true worth of the outcome to the decision maker,monetary value should be replaced by utility.

Question

Quizplus · Accepted Answer

When making decisions, the decision maker may consider other factors besides monetary value, such as personal values, emotions, and preferences. Utility refers to the satisfaction or benefit that a decision brings to the decision maker, taking into account these non-monetary factors. Therefore, when monetary value is not the sole measure of the true worth of the outcome, utility should be used as a measure of the decision's value.

When Monetary Value Is Not the Sole Measure of the True