On Ordinal Utility, Cardinal Utility and Random Utility
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.
متن کاملOrdinal One-Switch Utility Functions
We study the problem of finding ordinal utility functions to rank the outcomes of a decision when preference independence between the attributes is not present. We propose that the next level of complexity is to assume that preferences over one attribute can switch at most once as another attribute varies from low to high. We refer to this property as ordinal one-switch independence. We present...
متن کاملFuzzy Random Utility Choice Models: The Case of Telecommuting Suitability
Random utility models have been widely used in many diverse fields. Considering utility as a random variable opened many new analytical doors to researchers in explaining behavioral phenomena. Introducing and incorporating the random error term into the utility function had several reasons, including accounting for unobserved variables. This paper incorporates fuzziness into random utility mode...
متن کاملAndreas Voigt and Ordinal Utility , 1886 - 1934
In 1893 Andreas Heinrich Voigt published “Zahl und Mass in der Ökonomik” (“Number and Measurement in Economics,” Zeitschrift für die gesamte Staatswissenschaft), in which he argued that utility admits only an ordinal characterization. This paper compares Voigt’s views on ordinalism with those of his contemporaries, and also discusses Voigt’s impact on later economic thought. F.Y. Edgeworth soon...
متن کاملA Cognitive Basis for Cardinal Utility
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...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Theory and Decision
سال: 2007
ISSN: 0040-5833,1573-7187
DOI: 10.1007/s11238-007-9046-2