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Similar to a patent, a utility model is a technical solution to issues present in any field of human activity. Utility models must also meet the criteria needed for inventions to be patentable. Furthermore, Utility models must be of practical utility through its form, configuration or composition.
However, it is possible to have a Russian utility model and a Eurasian patent for the same invention. The main advantage of a utility model in Russia is a very short prosecution time (usually, no more than 6 moths) and a low cost. The duration of a utility model is 10 years from the priority date, and this term cannot be extended (since 2014). [18]
RUM provides an alternative model: there is a ground-truth vector of utilities; each agent draws a utility for each alternative, based on a probability distribution whose mean value is the ground-truth. This model captures the strength of preferences, and rules out cyclic preferences.
Public Utility Model (PUM), is an emergency medical service (EMS) system. In a Public Utility Model system, the government is a "purchaser" of dispatchers, emergency medical technicians (EMTs) and paramedic providers from an EMS provider (contractor). In most cases, this is a private (for-profit) ambulance company.
Article 11(1) of the Paris Convention requires that the Countries of the Union "grant temporary protection to patentable inventions, utility models, industrial designs, and trademarks, in respect of goods exhibited at official or officially recognized international exhibitions held in the territory of any of them".
The expected utility hypothesis is a foundational assumption in mathematical economics concerning decision making under uncertainty. It postulates that rational agents maximize utility, meaning the subjective desirability of their actions. Rational choice theory, a cornerstone of microeconomics, builds this postulate to model aggregate social ...
David Schmeidler [2] also developed the Choquet expected utility model. Its axiomatization allows for non-additive probabilities and the expected utility of an act is defined using a Choquet integral. This representation also rationalizes ambiguity aversion and has the maxmin expected utility as a particular case.
In economics, Epstein–Zin preferences refers to a specification of recursive utility. A recursive utility function can be constructed from two components,: a time aggregator that characterizes preferences in the absence of uncertainty and a risk aggregator that defines the certainty equivalent function that characterizes preferences over static gambles and is used to aggregate the risk ...