How cardinal utility entered economic analysis: 1909–1944
نویسندگان
چکیده
منابع مشابه
On Ordinal, Cardinal, and Expected Utility
By formally defining the relevant mathematical spaces and models we show that the operations of addition and multiplication, and the concepts that depend on these operations, are not applicable on ordinal, cardinal, and expected utility. Furthermore, expected utility’s scale construction rule is self-contradictory.
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This paper suggests a cognitive basis for the isomorphism of a utility function and a distribution function. With only a minimal set of cognitive tools ordinal comparison and frequency processing an object can be evaluated by its relative position in a reference set. This cognitive evaluation, coupled with “more is better” preferences, is consistent with possession of a cardinal utility functio...
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متن کاملMark J. Machina CARDINAL PROPERTIES OF "LOCAL UTILITY FUNCTIONS" This paper outlines the cardinal properties of "local utility
Consider the set D[a,b] of all cumulative distribution functions F(·) over some interval [a,b], and an individual whose preference ranking over this set can be represented by a real-valued preference functional V(F), in the sense that the distribution F*(·) is weakly preferred to F(·) if and only if V(F*) ≥ V(F). Note that V(·) is ordinal in the sense that some other functional V*(·) will repre...
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ژورنال
عنوان ژورنال: The European Journal of the History of Economic Thought
سال: 2013
ISSN: 0967-2567,1469-5936
DOI: 10.1080/09672567.2013.825001