In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that...

originally attempted to replace cardinal utility with the apparently weaker concept of ordinal utility. Cardinal utility appears to impose the assumption that...

bundles, ordinal utilities are only the rankings of utilities received from different bundles of goods or services. For example, ordinal utility could tell...

higher utility. With ordinal utility, a person's preferences do not have a unique marginal utility, making the concept of diminishing marginal utility irrelevant...

Ordinal number (linguistics), a word representing the rank of a number Ordinal scale, ranking things that are not necessarily numbers Ordinal utility...

complete, transitive and continuous, can be represented by a continuous ordinal utility function. The theorems are usually applied to spaces of finite commodities...

C. This preference relation can be described as an ordinal utility function, describing the utility that the consumer derives from each bundle. A price...

preferences can be represented by a numeric function. The article ordinal utility describes some properties of such functions and some ways by which...

also called a 'constitution', maps a set of individual orderings (ordinal utility functions) for everyone in society to a social ordering, which ranks...

Standard utility functions represent ordinal preferences. The expected utility hypothesis imposes limitations on the utility function and makes utility cardinal...

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...

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...

preference in utility. Vilfredo Pareto introduced the concept of ordinal utility, while Carl Menger led the idea of cardinal utility. Ordinal utility, in summation...

different hypothetical ordinal utility functions even apart from justice. Utility maximization survives, even with the rise of ordinal-utility/Pareto theory,...

transformation of a function which is homogeneous; however, since ordinal utility functions are only defined up to an increasing monotonic transformation...

function. This is the case in economics with respect to the ordinal properties of a utility function being preserved across a monotonic transform (see...

best-known classification with four levels, or scales, of measurement: nominal, ordinal, interval, and ratio. This framework of distinguishing levels of measurement...

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...

Ordinal Pareto efficiency refers to several adaptations of the concept of Pareto-efficiency to settings in which the agents only express ordinal utilities...

Economics. pp. 955–58. Pettinger, Tejvan (11 January 2020). "Cardinal and Ordinal Utility". Economics Help. Retrieved 23 March 2021. Theodore Bergstrom lecture...

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...

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...

1906 book. The theory can be derived from William Stanley Jevons' ordinal utility theory, which posits that individuals can always rank any consumption...

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...

equals (= agents with identical utility functions should get the same utility). For agents with strict ordinal utilities, Bogomolnaia and Moulin prove that...

agent assigns subjective utility to every subset of the items. This can be represented in one of two ways: An ordinal utility preference relation, usually...

goods demanded with explicit use of only ordinal utility for individuals, rather than requiring interpersonal utility comparisons analysis of the 2-good as...

Further, efficiency dispenses with cardinal measures of utility, replacing it with ordinal utility, which merely ranks commodity bundles (with an indifference-curve...

typical utility functions of divisible goods. These functions are commonly used as examples in consumer theory. The functions are ordinal utility functions...

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...