Valgsett

Valgsett, or "choice set" in English, is a term used in Norwegian to denote the set of alternatives from which a decision-maker can select. In decision theory, economics and operations research, the valgsett is the feasible set of options defined by the problem's constraints and the state of the world. It may be finite, such as a finite list of products, or infinite, such as all real-valued prices meeting a budget constraint. The decision-maker's preferences or objectives are defined on the valgsett through a utility function or a cost function, and an optimal choice is often the option in the valgsett that maximizes utility or minimizes cost, possibly subject to additional rules.

In optimization, the valgsett is the domain over which the objective function is optimized, sometimes referred to as the feasible region or constraint set. In consumer behavior, the valgsett comprises the products or services available to the shopper; the actual choice results from preferences, prices, and perceived value within that set. In political contexts, the term can describe the set of candidates or ballot options presented to voters.

Constraints such as budgets, technology, capacity, time, or legal rules shape the size and composition of the valgsett. Analysts may study how changes to the valgsett (e.g., adding or removing options) affect choices and outcomes, a concept central to demand analysis and welfare economics.