• In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that...
    23 KB (3,953 words) - 10:49, 19 October 2024
  • bundles, ordinal utilities are only the rankings of utilities received from different bundles of goods or services. For example, ordinal utility could tell...
    34 KB (4,607 words) - 07:15, 25 May 2025
  • originally attempted to replace cardinal utility with the apparently weaker concept of ordinal utility. Cardinal utility appears to impose the assumption that...
    37 KB (4,652 words) - 17:24, 24 May 2025
  • Ordinal number (linguistics), a word representing the rank of a number Ordinal scale, ranking things that are not necessarily numbers Ordinal utility...
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  • higher utility. With ordinal utility, a person's preferences do not have a unique marginal utility, making the concept of diminishing marginal utility irrelevant...
    47 KB (5,883 words) - 17:29, 6 March 2025
  • complete, transitive and continuous, can be represented by a continuous ordinal utility function. The theorems are usually applied to spaces of finite commodities...
    14 KB (2,667 words) - 08:37, 11 March 2024
  • preferences can be represented by a numeric function. The article ordinal utility describes some properties of such functions and some ways by which...
    15 KB (2,979 words) - 16:34, 25 May 2025
  • Standard utility functions represent ordinal preferences. The expected utility hypothesis imposes limitations on the utility function and makes utility cardinal...
    42 KB (5,622 words) - 20:53, 22 May 2025
  • C. This preference relation can be described as an ordinal utility function, describing the utility that the consumer derives from each bundle. A price...
    45 KB (6,471 words) - 18:46, 2 March 2025
  • Thumbnail for Social welfare function
    also called a 'constitution', maps a set of individual orderings (ordinal utility functions) for everyone in society to a social ordering, which ranks...
    25 KB (3,259 words) - 02:09, 9 March 2025
  • Thumbnail for Ranked voting
    Ranked voting (redirect from Ordinal voting)
    OCLC 316034736. Ordinal utility is a measure of preferences in terms of rank orders—that is, first, second, etc. ... Cardinal utility is a measure of...
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  • Homothetic preferences (category Utility function types)
    transformation of a function which is homogeneous; however, since ordinal utility functions are only defined up to an increasing monotonic transformation...
    5 KB (769 words) - 03:25, 18 October 2024
  • Thumbnail for Utility–possibility frontier
    Economics. pp. 955–58. Pettinger, Tejvan (11 January 2020). "Cardinal and Ordinal Utility". Economics Help. Retrieved 23 March 2021. Theodore Bergstrom lecture...
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  • Thumbnail for Monotonic function
    function. This is the case in economics with respect to the ordinal properties of a utility function being preserved across a monotonic transform (see...
    19 KB (2,471 words) - 01:32, 25 January 2025
  • In this sense, preference is not revealed at all in the sense of ordinal utility. The revealed preference theory assumes that the preference scale remains...
    19 KB (2,323 words) - 09:42, 16 March 2025
  • the set of real numbers, where the number represents a cardinal or ordinal utility—often cardinal in the normal-form representation) of a player, i.e...
    10 KB (1,131 words) - 22:48, 31 January 2024
  • Preference (economics) (category Utility)
    preference in utility. Vilfredo Pareto introduced the concept of ordinal utility, while Carl Menger led the idea of cardinal utility. Ordinal utility, in summation...
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  • affordable package of commodities. It is assumed that the consumer has an ordinal utility function, called u. It is a real-valued function with domain being...
    16 KB (2,267 words) - 15:50, 15 June 2024
  • typical utility functions of divisible goods. These functions are commonly used as examples in consumer theory. The functions are ordinal utility functions...
    4 KB (203 words) - 02:03, 28 May 2024
  • Further, efficiency dispenses with cardinal measures of utility, replacing it with ordinal utility, which merely ranks commodity bundles (with an indifference-curve...
    32 KB (3,197 words) - 14:15, 24 May 2025
  • Thumbnail for Economic justice
    different hypothetical ordinal utility functions even apart from justice. Utility maximization survives, even with the rise of ordinal-utility/Pareto theory,...
    18 KB (1,590 words) - 19:23, 13 May 2025
  • best-known classification with four levels, or scales, of measurement: nominal, ordinal, interval, and ratio. This framework of distinguishing levels of measurement...
    38 KB (4,653 words) - 15:17, 24 May 2025
  • Thumbnail for Indifference curve
    1906 book. The theory can be derived from William Stanley Jevons' ordinal utility theory, which posits that individuals can always rank any consumption...
    32 KB (4,675 words) - 08:50, 2 November 2024
  • to have an ordinal utility function U {\displaystyle U} (ordinal in the sense that only the sign of the differences between two utilities, and not the...
    34 KB (4,766 words) - 10:51, 20 May 2025
  • competition. Note the difference between CES utility and isoelastic utility: the CES utility function is an ordinal utility function that represents preferences...
    12 KB (1,685 words) - 09:23, 25 May 2025
  • is presented in Ordinal utility#assessment. Assessing MAU in conditions of uncertainty is more complex; see multi-attribute utility#assessment for details...
    21 KB (2,875 words) - 14:49, 23 May 2025
  • Dichotomous preferences (category Utility function types)
    divide the set of alternatives to two subsets, "Good" and "Bad". From ordinal utility perspective, DP means that for every two alternatives X , Y {\displaystyle...
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  • property of ordinal utility functions is weakly additive. A utility function is additive if and only if it is both submodular and supermodular. Utility functions...
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    fixed value of the other input y. Also in economics, a cardinal or ordinal utility function u(w, v) gives the degree of satisfaction of a consumer obtained...
    13 KB (1,737 words) - 11:21, 16 December 2024
  • Folk theorem (game theory)#Overtaking. Debreu theorems Cardinal utility Ordinal utility Carlson, D. A.; Haurie, A. B.; Leizarowitz, A. (1991). "Definition...
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