Ordinal utility
id:
ordinal-utility-304-6045222
title:
Ordinal utility
text:
In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is. All of the theory of consumer decision-making under conditions of certainty can be, and typically is, expressed in terms of ordinal utility. For example, suppose George tells us that "I prefer A to B and B to
brand slug:
wiki
category slug:
encyclopedia
description:
Preference ranking
original url:
https://en.wikipedia.org/wiki/Ordinal_utility
date created:
date modified:
2024-03-17T00:35:09Z
main entity:
{"identifier":"Q4336079","url":"https://www.wikidata.org/entity/Q4336079"}
image:
fields total:
13
integrity:
14