Ordinal Or Cardinal Utility: A Note
Modern microeconomic theory is based on a foundation of ordinal preference relations. Good textbooks stress that cardinal utility functions are artificial constructions of convenience, and that economics does not attribute any meaning to “utils.” However, we argue that despite this official position...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2014-02-01
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| Series: | Studia Humana |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/sh-2014-0003 |