Wiktionary
n. 1 (context astronomy English) A relative measure of the relationship between stellar magnitude and the distribution of stars between magnitudes 2 (context physics English) A standard measure of the response of the human eye to light of different wavelengths
Wikipedia
The luminosity function or luminous efficiency function describes the average spectral sensitivity of human visual perception of brightness. It is based on subjective judgements of which of a pair of different-colored lights is brighter, to describe relative sensitivity to light of different wavelengths. It should not be considered perfectly accurate in every case, but it is a very good representation of visual sensitivity of the human eye and it is valuable as a baseline for experimental purposes.
The CIE luminosity function (λ) or V(λ) is a standard function established by the Commission Internationale de l'Éclairage (CIE) and may be used to convert radiant energy into luminous (i.e., visible) energy. It also forms the central color matching function in the CIE 1931 color space.
In astronomy, the luminosity function gives the number of stars or galaxies per luminosity interval. Luminosity functions are used to study the properties of large groups or classes of objects, such as the stars in clusters or the galaxies in the Local Group.
Note that the term "function" is slightly misleading, and the luminosity function might better be described as a luminosity distribution. Given a luminosity as input, the luminosity function essentially returns the abundance of objects with that luminosity (specifically, number density per luminosity interval).