theory of ordinal utility
1Ordinal utility — theory states that while the utility of a particular good or service cannot be measured using a numerical scale bearing economic meaning in and of itself, pairs of alternative bundles (combinations) of goods can be ordered such that one is… …
2Utility — This article is about the economic concept. For other uses, see Utility (disambiguation). Part of a series on Utilitarianism …
3utility and value — ▪ economics Introduction in economics, the determination of the prices of goods and services. The modern industrial economy is characterized by a high degree of interdependence of its parts. The supplier of components or raw materials …
4Theory of conjoint measurement — The theory of conjoint measurement (also known as conjoint measurement or additive conjoint measurement) is a general, formal theory of continuous quantity. It was independently discovered by the French economist Gerard Debreu (1960) and by the… …
5Marginal utility — In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease) in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that… …
6Expected utility hypothesis — In economics, game theory, and decision theory the expected utility hypothesis is a theory of utility in which betting preferences of people with regard to uncertain outcomes (gambles) are represented by a function of the payouts (whether in… …
7Cardinal utility — In economics, cardinal utility is a theory of utility under which the utility (roughly, satisfaction) gained from a particular good or service can be measured and that the magnitude of the measurement is meaningful. Under cardinal utility theory …
8Rational choice theory — This article is about a theory of economics. For Rational Choice Theory as applied to criminology, see Rational choice theory (criminology). Economics …
9Set theory — This article is about the branch of mathematics. For musical set theory, see Set theory (music). A Venn diagram illustrating the intersection of two sets. Set theory is the branch of mathematics that studies sets, which are collections of objects …
10Quasilinear utility — In economics and consumer theory, quasilinear utility functions are linear in one argument, generally the numeraire. Formally, for example, such a utility function could be written U(x,y) = u(x) + by, where b is a positive constant. Then if u… …
