Ordinal Or Cardinal Utility: A Note
Modern microeconomic theory is based on a foundation of ordinal preference relations. Good textbooks stress that cardinal utility functions are artificial constructions of convenience, and that economics does not attribute any meaning to “utils.” However, we argue that despite this official position...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2014-02-01
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| Series: | Studia Humana |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/sh-2014-0003 |
| _version_ | 1818355969004929024 |
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| author | Block Walter E. Wutscher Robert |
| author_facet | Block Walter E. Wutscher Robert |
| author_sort | Block Walter E. |
| collection | DOAJ |
| description | Modern microeconomic theory is based on a foundation of ordinal preference relations. Good textbooks stress that cardinal utility functions are artificial constructions of convenience, and that economics does not attribute any meaning to “utils.” However, we argue that despite this official position, in practice mainstream economists rely on techniques that assume the validity of cardinal utility. Doing so has turned mainstream economic theorizing into an exercise of reductionism of objects down to the preferences of ‘ideal type’ subjects. |
| first_indexed | 2024-12-13T19:49:45Z |
| format | Article |
| id | doaj.art-a89f0c2591e44fe785510cb7e56bc9c4 |
| institution | Directory Open Access Journal |
| issn | 2299-0518 |
| language | English |
| last_indexed | 2024-12-13T19:49:45Z |
| publishDate | 2014-02-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Studia Humana |
| spelling | doaj.art-a89f0c2591e44fe785510cb7e56bc9c42022-12-21T23:33:28ZengSciendoStudia Humana2299-05182014-02-0131273710.2478/sh-2014-0003sh-2014-0003Ordinal Or Cardinal Utility: A NoteBlock Walter E.0Wutscher Robert1Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics Joseph A. Butt, S.J. College of Business Loyola University New Orleans, U.S.A.Independent Scholar 3 Warblers Close Constantia 7806 South AfricaModern microeconomic theory is based on a foundation of ordinal preference relations. Good textbooks stress that cardinal utility functions are artificial constructions of convenience, and that economics does not attribute any meaning to “utils.” However, we argue that despite this official position, in practice mainstream economists rely on techniques that assume the validity of cardinal utility. Doing so has turned mainstream economic theorizing into an exercise of reductionism of objects down to the preferences of ‘ideal type’ subjects.https://doi.org/10.2478/sh-2014-0003ordinalcardinalutility |
| spellingShingle | Block Walter E. Wutscher Robert Ordinal Or Cardinal Utility: A Note Studia Humana ordinal cardinal utility |
| title | Ordinal Or Cardinal Utility: A Note |
| title_full | Ordinal Or Cardinal Utility: A Note |
| title_fullStr | Ordinal Or Cardinal Utility: A Note |
| title_full_unstemmed | Ordinal Or Cardinal Utility: A Note |
| title_short | Ordinal Or Cardinal Utility: A Note |
| title_sort | ordinal or cardinal utility a note |
| topic | ordinal cardinal utility |
| url | https://doi.org/10.2478/sh-2014-0003 |
| work_keys_str_mv | AT blockwaltere ordinalorcardinalutilityanote AT wutscherrobert ordinalorcardinalutilityanote |