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For most wireless services with variable rate transmission, both average rate and rate oscillation are important performance metrics. The traditional performance criterion, utility of average transmission rate, boosts the average rate but also results in high rate oscillations. We introduce a utility function of instantaneous transmission rates. It is capable of facilitating the resource allocation with flexible combinations of average rate and rate oscillation. Based on the new utility, we consider the time and power allocation in a time-shared wireless network. Two adaptation policies are developed, namely, time sharing (TS) and joint time sharing and power control (JTPC). An extension to quantized time sharing with limited channel feedback (QTSL) for practical systems is also discussed. Simulation results show that by controlling the concavity of the utility function, a tradeoff between the average rate and rate oscillation can be easily made.