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ordinal utility

Overview page. Subjects: Economics.

A utility function is ordinal if it can be subjected to any positive strictly monotonic transformation without altering the preferences it represents. Consider the preferences of a consumer...

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ordinal utility

John Black, Nigar Hashimzade and Gareth Myles.

in A Dictionary of Economics

January 2009; p ublished online January 2009 .

Reference Entry. Subjects: Economics. 183 words.

A utility function is ordinal if it can be subjected to any positive strictly monotonic transformation without altering the preferences

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ordinal utility

John Black, Nigar Hashimzade and Gareth Myles.

in A Dictionary of Economics

January 2017; p ublished online January 2017 .

Reference Entry. Subjects: Economics. 183 words.

A utility function is ordinal if it can be subjected to any positive strictly monotonic transformation without altering the preferences

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Ordinal Utility

Ivan Moscati.

in Measuring Utility

December 2018; p ublished online December 2018 .

Chapter. Subjects: Microeconomics. 8030 words.

Chapter 5 deals with the ordinal revolution in utility analysis inaugurated by Vilfredo Pareto around 1900. The fundamental notion of Pareto’s analysis was that of preference, and he...

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ordinal utility

Edited by John Black, Nigar Hashimzade and Gareth Myles.

in A Dictionary of Economics

January 2012; p ublished online May 2013 .

Reference Entry. Subjects: Economics. 183 words.

A utility function is ordinal if it can be subjected to any positive strictly monotonic transformation without altering the preferences it represents. Consider the preferences of a consumer...

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ordinal utility

Overview page. Subjects: Economics.

A utility function is ordinal if it can be subjected to any positive strictly monotonic transformation without altering the preferences it represents. Consider the preferences of a consumer...

See overview in Oxford Index

ordinal utility

Edited by Craig Calhoun.

in Dictionary of the Social Sciences

January 2002; p ublished online January 2002 .

Reference Entry. Subjects: Social Sciences. 7 words.

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cardinal and ordinal utility

Overview page. Subjects: Social Sciences.

Refers to two ways of measuring utility—the term widely used in economics to describe the satisfaction or well-being of individuals. Cardinal utility refers to a meaningful measurement...

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cardinal and ordinal utility

Edited by Craig Calhoun.

in Dictionary of the Social Sciences

January 2002; p ublished online January 2002 .

Reference Entry. Subjects: Social Sciences. 187 words.

Refers to two ways of measuring utility—the term widely used in economics to describe the satisfaction or well-being of

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marginal utility

Overview page. Subjects: Economics.

The addition to an individual's utility from a small increase in consumption of any good, per unit of the increase. The information content of marginal utility is dependent on whether...

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cardinal utility

Overview page. Subjects: Economics.

A utility function that can be subjected to a positive affine transformation without altering the implied preference order. A positive affine transformation applied to the initial utility...

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interpersonal comparisons

Overview page. Subjects: Economics.

Comparing the welfare of one individual with that of another. The welfare level of an individual is measured by a utility function. Utility can be ordinal so that it is no more than a...

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Going Empirical

Ivan Moscati.

in Measuring Utility

December 2018; p ublished online December 2018 .

Chapter. Subjects: Microeconomics. 9162 words.

Chapter 7 discusses two early attempts to measure utility empirically. In 1926, Norwegian Ragnar Frisch applied an econometric approach to measure the marginal utility of money. Following a...

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Measuring Utility

Ivan Moscati.

December 2018; p ublished online December 2018 .

Book. Subjects: Microeconomics. 352 pages.

The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in the mid-1980s. Part I covers...

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Cardinal Utility

Ivan Moscati.

in Measuring Utility

December 2018; p ublished online December 2018 .

Chapter. Subjects: Microeconomics. 10745 words.

Chapter 6 reconstructs the progressive definition and stabilization of the current notion of cardinal utility as utility unique up to positive linear transformations. This notion was the...

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Conventions, Operations, Predictions

Ivan Moscati.

in Measuring Utility

December 2018; p ublished online December 2018 .

Chapter. Subjects: Microeconomics. 11008 words.

Chapter 12 analyzes the third phase of the debate on expected utility theory, from the end of 1952 to 1955. The issues concerning the nature of utility measurement gained an autonomous...

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Ordinal preference elicitation methods in health economics and health services research: using discrete choice experiments and ranking methods

Shehzad Ali and Sarah Ronaldson.

in British Medical Bulletin

September 2012; p ublished online August 2012 .

Journal Article. Subjects: Medicine and Health. 8606 words.

Introduction

The predominant method of economic evaluation is cost–utility analysis, which uses cardinal preference elicitation methods, including the...

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Introduction

Bernard Van Praag.

in Happiness Quantified

December 2007; p ublished online May 2008 .

Chapter. Subjects: Economics. 7215 words.

The introductory chapter begins with a discussion of the definition and measurement of satisfaction. It defines satisfaction questions, the income-evaluation question, domain satisfaction,...

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Estimating time-to-event from longitudinal ordinal data using random-effects Markov models: application to multiple sclerosis progression

Micha Mandel and Rebecca A. Betensky.

in Biostatistics

October 2008; p ublished online April 2008 .

Journal Article. Subjects: Probability and Statistics. 6162 words.

Longitudinal ordinal data are common in many scientific studies, including those of multiple sclerosis (MS), and are frequently modeled using Markov dependency. Several authors have...

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When Unit-Based Measurement Ruled the World

Ivan Moscati.

in Measuring Utility

December 2018; p ublished online December 2018 .

Chapter. Subjects: Microeconomics. 4874 words.

In order to illustrate the broad intellectual context within which the early discussions of utility measurement took place, chapter 1 reviews the history of the understanding of measurement...

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Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis

Bernard M. S. van Praag.

in CESifo Economic Studies

March 2007; p ublished online February 2007 .

Journal Article. Subjects: Public Economics. 10053 words.

After having been ignored for a long time by economists, happiness is becoming an object of serious research in 21st century economics. In Section 2 we sketch the present status of...

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