This project is based off Economic Utility theory, an economic model that assumes every individual makes their decision based on how much satisfaction they can get. However, in real life situation, nobody has all the necessary information. With this project we aim to lower that information gap, introducing Util, an Economic Utility calculator.
What it does
Util is a purchase assistance app that allocates the budget to various commodities for the user to derive the maximum level of satisfaction. It can help prevent impulsive buying, reduce stress of having to chose within budget and prevent any sort of irrational purchase.
How we built it
We built the web app using Flask and Bootstrap. We initialize the database with few products. Looping through the data of the products, we try to find the satisfactions that user can get and apply diminishing marginal utility concept onto the calculation. Some products such as calculator has large diminishing marginal utility since there are no incentive to get a second one while some products such as banana has low diminishing marginal utility since person will love to have multiple bananas.
Challenges we ran into
We thought we could implement the program in an e-commerce environment, but that would take too much time. Instead we just made it a web app, where users can add items and change the data for each of them on their own. It is not possible for each user to have their own database for their products since we don't have a server that has large enough storage space. This is just a demo of a possible future application
Accomplishments that we're proud of
We managed to build and deploy a functional web app.
What we learned
Developing web applications in Python. Flask framework and the Jinja2 language, as well as some libraries related to Flask such as SQLAlchemy and WTForms. Deploying web applications with Heroku.
What's next for Util
Util can have many path ways, it can also be a mobile app and help mobile users to make decisions on what food they should buy or what items they should buy. It can even be a plug in on amazon or online grocery shopping, measuring combination of item that a person should choose. It can lead to a future that without needing us to make decision