In this problem, the optimal path is one that maximizes the expected utility, with the utility function being piecewise-linear and concave. Such a utility function can be used to approximate nonlinear ...

The utility function can be used to derive the demand function, and both concepts relate to utility maximization.

G Dutta, S Basu, J John, Development of utility function for life insurance buyers in the Indian market, The Journal of the Operational Research Society, Vol. 61, No. 4 (April 2010), pp. 585-593 ...