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Topic: Ordinal utility

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	Utility Theory - UTILITY THEORY, UTILITY THEORY AND DEMAND, UTILITY FUNCTIONS, ASSUMPTIONS ON PREFERENCES
		Thus, utility theory assumes that any decision is made on the basis of the utility maximization principle, according to which the best choice is the one that provides the highest utility (satisfaction) to the decision maker.
		In the former case, a utility function is used to derive a numerical score for each choice that represents the utility of this choice.
		For instance, a utility of 100 units towards a cup of tea is twice as desirable as a cup of coffee with a utility level of 50 units.
	www.referenceforbusiness.com /management/Tr-Z/Utility-Theory.html (905 words)

	Utility
		A utility of 100 units towards a cup of vodka is twice as desirable as a cup of coffee with a utility level of 50 units.
		For this reason, neoclassical economics abandoned utility as a foundation for the analysis of economic behaviour, in favour of an analysis based upon preferences.
		A utility of 100 towards an ice-cream is not twice as desirable as a utility of 50 towards candy.
	www.brainyencyclopedia.com /encyclopedia/u/ut/utility.html (940 words)

	Utility Information - TextSheet.com (Site not responding. Last check: 2007-11-02)
		The doctrine of utilitarianism saw the maximisation of utility as a moral criterion for the organisation of society.
		Utility was originally viewed as a measurable quantity, so that it would be possible to measure the utility of each individual in the society with respect to each good available in the society, and to add these together to yield the total utility of all people with respect to all goods in the society.
		The concept of cardinal utility suffers from the absence of an objective measure of utility when comparing the utility gained from consumption of a particular good by one individual as opposed to another individual.
	www.rsk.soldat.sferahost.com /encyclopedia/u/ut/utility.html (896 words)

	Kids.net.au - Encyclopedia Utility - (Site not responding. Last check: 2007-11-02)
		Utility was originally viewed as a measurable quantity, so that it would be possible to measure the utility of each individual in society, and add this together to give the total utility of all people in society.
		If the value of the utility function were to be, for example, doubled, squared, or subject to any other strictly monotonically increasing function, it would still describe the preferences correctly.
		A utility of 100 units towards a cup of coke is twice as desirable as a cup of coffee with a utility level of 50 units.
	www.kids.net.au /encyclopedia-wiki/ut/Utility (876 words)

	Utility function - Information from Reference.com
		Utility is applied by economists in such constructs as the indifference curve, which plots the combination of commodities that an individual or a society requires to maintain a given level of satisfaction.
		Ordinal utility functions are equivalent up to monotone transformations, while cardinal utilities are equivalent up to positive linear transformations.
		The first important use of the expected utility theory was that of John von Neumann and Oskar Morgenstern who used the assumption of expected utility maximization in their formulation of game theory.
	www.reference.com /search?q=Utility+function (1227 words)

	From cardinal to ordinal utility theory: Darwin and differential
		From cardinal to ordinal utility theory: Darwin and differential
		From cardinal to ordinal utility theory: Darwin and differential capacity for happiness.
		Herbert Spencer (in his Social Statics...) as a disproof of the pretensions of utility to be a sufficient guide to right; since (he says) the principle of utility presupposes the anterior principle, that everybody has an equal right to happiness.
	www.encyclopedia.com /doc/1G1-135707261.html (4283 words)

	Encyclopedia: Utility function (Site not responding. Last check: 2007-11-02)
		If the value of the utility function were to be, eg, doubled, squared, or subjected to any other strictly monotonically increasing function, it would still describe the same preferences.
		While preferences are the conventional foundation of microeconomics, it is convenient to represent preferences with a utility function and reason indirectly about preferences with utility functions.
		Also, estimations for small probabilities and their utility payoffs are difficult for laypersons to estimate (See Matthew Rabin's homepage (http://emlab.berkeley.edu/~rabin) for some puzzles connected with consumer theory)
	www.nationmaster.com /encyclopedia/Utility-function (1238 words)

	Ordinal utility
		Ordinal utility theory states that while the utility of a particular good and service cannot be measured using an objective scale; a consumer is capable of ranking different alternatives available.
		The further a curve from the origin, the greater the level of utility.
		It can also be shown that indifference curves (an ordinal approach) give the same results as cardinal utility theory i.e.
	www.arikah.net /encyclopedia/Ordinal_utility (278 words)

	Utility Trailers (Site not responding. Last check: 2007-11-02)
		The concept is applied by economists in such topics as the indifference curve, which measures the combination of a basket of commodities that an individual or acommunity requests at a given level(s) of satisfaction.
		The doctrine of utilitarianism saw the maximisation of utility as amoral criterion for the organisation of society.
		Utility was originally viewed as a measurable quantity, so that it would be possible to measure the utility of each individualin the society with respect to each good available in the society, and to add these together to yield the total utility of allpeople with respect to all goods in the...
	www.moviewavspage.com /sand/41414-utility-trailers.html (331 words)

	Encyclopedia: Utility (Site not responding. Last check: 2007-11-02)
		Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution consequences associated with it.
		The expected utility theorem says that a von Neumann-Morgenstern utility function exists if and only if the agent's preference relation >= on the space of simple lotteries satisfies four axioms: completeness, transitivity, convexity/continuity (also called the Archimedean property), and independence.
		Also, estimations for small probabilities and their utility payoffs are difficult for laypersons to estimate (See Matthew Rabin's homepage for some puzzles connected with consumer theory).
	www.nationmaster.com /encyclopedia/Utility (2126 words)

	Utility Article, Utility Information (Site not responding. Last check: 2007-11-02)
		Utility was originally viewed as a measurable quantity, so that it would be possible to measure the utility of each individualin the society with respect to each good available in the society, and to add these together to yield the total utility of allpeople with respect to all goods in the society.
		A utility of 100 units towards a cup of vodka is twice as desirable as a cup ofcoffee with a utility level of 50 units.
		The concept of cardinal utility suffers from the absence of an objective measure of utility when comparing the utility gainedfrom consumption of a particular good by one individual as opposed to another individual.
	www.anoca.org /theory/society/utility.html (921 words)

	Economics Interactive
		Ordinal measurement of utility Satisfaction is not cardinally measurable.
		Ordinal analysis assumes that between any two bundles of goods, a person either prefers one to the other or is indifferent between the bundles—i.e., individuals can provide an
		Thus, ordinal utility analysis cannot tell us, for example, that one fried chicken yields 147 utils more satisfaction for the president than a few pieces of dry white toast—all that really matters is that he prefers the chicken to the toast.
	www.unc.edu /depts/econ/byrns_web/Economicae/Essays/CardOrdinal.htm (520 words)

	Utility - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-11-02)
		microeconomics, it is convenient to represent preferences with a utility function and reason indirectly about preferences with utility functions.
		In order to simplify calculations, various assumptions have been made of utility functions.
		Energy Efficiency Manual: for everyone who uses energy, pays for utilities, designs and builds, is interested in energy conservation and the environment (Energy Efficiency Manual)
	encyclopedia.worldsearch.com /utility.htm (1302 words)

	The Paretian System: IV - Social Welfare
		The Paretian tide of the 1930s rolled in on the back of the Hicks-Allen ordinal utility function, where the "number of utils" is not clearly a number at all, much less one that can be ascertained and manipulated by an external observer.
		As utility is not comparable across individuals, then the choice of social optimum is necessarily a normative concern, a value judgment and thus it is not within the scope of economic "science".
		The "utility possibilities frontier" (UPF) and the "grand utility possibilities frontier" (GUPF) were introduced into economics by Maurice Allais (1943), who originally called it the "surface de rendement maximum" (Allais, 1943: p.641) and, later, renamed it the "surface d'efficacité maximum" (Allais, 1989: p.45).
	cepa.newschool.edu /het/essays/paretian/paretosocial.htm (7097 words)

	Using Student Data to Teach Utility Maximizing Behavior
		The primary goal of this experiment is to introduce students to the utility maximizing rule and to convince them that whether individuals know anything about economic principles or not they will act to maximize their utility subject to constraints in each of their purchases or activities.
		Then they should record the marginal utilities (although you have not yet referred to them using this terminology) using the -100 to +100 scale after considering, when appropriate, their maximum willingness to pay to avoid the activity or the monetary cost of the activity.
		In-other-words, if you get 12 utils per dollar of utility from the fourth and last ice cream cone that you buy (the one at the margin), the 12 utils is the change in total utility derived from the ice cream, not the value from the last lick.
	www.marietta.edu /~delemeeg/expernom/Fall2000/UtilityMason.htm (2460 words)

	Appendixes \| Instructor Resources \| Microeconomics and Behavior
		A utility function is simply a formula that, for each possible bundle of goods, yields a number that represents the amount of satisfaction provided by that bundle.
		To answer this question, we must introduce the concept of marginal utility (the marginal utility of a good is the rate at which total utility changes with consumption of the good) which is the rate at which total utility changes as the quantities of food and shelter change.
		The marginal utility of the last dollar she spends on food is 12, and the marginal utility of the last dollar she spends on clothing is 9.
	www.southwestern.edu /~earlyd/intermediate/appendix3-short.html (2807 words)

	[No title]
		We call the units of cardinal utility "utils." Ordinal utility: ranking of bundles.
		We don’t assume that utility is measurable, but merely that consumers can compare bundles of goods and say which one is "better." Ordinalism: the use of ordinal utility instead of cardinal utility in constructing economic models.
		Utility maximization condition (except in unusual cases): MRS = Px/Py Superior good: a good that a consumer buys more of when his income rises.
	www.csun.edu /~dgw61315/PThand3.doc (623 words)

	Ordinal utility - Definition, explanation
		Ordinal utility theory states that while the utility of a particular good and service cannot be measured using an objective scale; a consumer is capable of ranking different alternatives available.
		Each indifference curve represents combinations of two goods or services which give the same level of utility to the consumer.
		It can also be shown that indifference curves (an ordinal approach) give the same results as cardinal utility theory i.e.
	www.calsky.com /lexikon/en/txt/o/or/ordinal_utility.php (283 words)

	Dictionary of Meaning www.mauspfeil.net (Site not responding. Last check: 2007-11-02)
		'''Ordinal utility''' theory states that while the utility of a particular good (economics) good and service cannot be measured using an objective scale; a consumer is capable of ranking different alternatives available.
		One of these is shown below: image:indifference_curve.png indifference map Each indifference curve represents combinations of two goods or services which give the same level of utility to the consumer.
		There you find a list of all editors and the possibility to edit the original text of the article Ordinal utility.
	www.mauspfeil.net /Ordinal_utility.html (292 words)

	Building Demand Curves (Site not responding. Last check: 2007-11-02)
		They differ in their assumption about utility (to economists, the word "utility" means happiness or satisfaction).
		Believing that Utility is cardinal is the same thing as saying you can count the utility associated with different commodity bundles.
		Ordinal Utility theory is much more powerful and is the preferred method for understanding demand construction.
	www.business.uiuc.edu /ldebrock/econ102s04/oll/Chap04 (294 words)

	Utility (Site not responding. Last check: 2007-11-02)
		Utility to seek rate increase to cover improvement program
		It would be the second rate hike this year for the utility, which raised rates 4.9 percent in May....
		Refugees from Hurricane Katrina will not have to post a deposit to get utility service from the city of Henderson, the Henderson City Commission decided Tuesday...
	www.wikiverse.org /utility (1053 words)

	literature preference
		A low value of consumption utility, say 0.15, indicates that a customer is not satisfied with the consumption of a certain commodity; while high value, say 0.96, indicates that the customer is very satisfied.
		There are formal theories on utility, including ordinal utility, cardinal utility and marginal utility.
		Consumption utility function - The behavioral characteristics of human beings can be represented by the concept of consumption utility, and consumption utility function is the mathematical description of this concept.
	www.zaptron.com /literature/preference.htm (1428 words)

	[No title]
		A is preferred to B. Note: With ordinal utility, the ordering, or ranking, of the consumer’s preference matter.
		At this point, the utility/$ for Good X is equal to the utility/$ for Good Y. This is a stable equilibrium so there is no incentive for the consumer to alter his/her quantities of the two goods.
		At this point, the utility/$ for Good X is greater than the utility/$ for Good Y. The consumer will be motivated to adjust his/her quantities of the two goods so as to increase his/her total utility.
	www.class.csupomona.edu /ec/aebres/ec201/lecture7.doc (840 words)

	Utility - Enpsychlopedia (Site not responding. Last check: 2007-11-02)
		The consumer's utility function $u : X \rightarrow \textbf R assigns a happiness score to each package in the consumption set.$
		Note that for u to be a utility function on X, it must be defined for every package in X. A utility function $u : X \rightarrow \textbf{R} rationalizes a preference relation <= on X if for every x, y \in X, u(x) <= u(y) if and only if x <= y.$
		Also, estimations for small probabilities and their utility payoffs are difficult for laypersons to estimate (See Matthew Rabin's homepage (http://emlab.berkeley.edu/~rabin) for some puzzles connected with consumer theory).
	www.grohol.com /wiki/Utility (1314 words)

	Early Debates
		The utility function over lotteries U thus logically precedes the elementary utility function: the latter is derived from the former.
		Consequently, the utility function U: R itself is an ordinal utility function since any increasing transformation of U will preserve the ordering on the lotteries.
		Thus, in von Neumann-Morgenstern theory, we have a "cardinal utility which is ordinal", to use Baumol's (1958) felicitous phrase.
	cepa.newschool.edu /het/essays/uncert/debates.htm (3261 words)

	Game Theory
		That is, when we say that an agent acts so as to maximize her utility, we mean by ‘utility’ simply whatever it is that the agent's behavior suggests her to consistently desire.
		A player's payoff is simply the number assigned by her ordinal utility function to the state of affairs corresponding to the outcome in question.
		A distribution of utility β is said to be Pareto dominant over another distribution δ just in case from state δ there is a possible redistribution of utility to β such that at least one player is better off in β than in δ and no player is worse off.
	plato.stanford.edu /entries/game-theory (20977 words)

	Resourcing Strategies » 2005 » June
		Utility is a measure of the happiness or satisfaction gained from a good or service.
		Utility theory in economics suggests that we act rationally trying to maximise the amount of utility from our limited resources, most specifically time and money (but it could be any limited resource).
		The utility generated by work clearly changes over time (typically decreases as the challenge decreases within a role) and their utility from other activities changes also (for example having a child might increase the utility derived from staying at home, or maybe have the opposite effect depending on your propensity to enjoy crying).
	resourcingstrategies.com /2005/06 (2405 words)

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