"utility" in inglés with examples - Collocation dictionary inglés
- Jevons did not explicitly distinguish between the concepts of ordinal and cardinal utility.
- Economists distinguish between cardinal utility and ordinal utility.
- When cardinal utility is used, the magnitude of utility differences is treated as an ethically or behaviorally significant quantity.
- It is tempting when dealing with cardinal utility to aggregate utilities across persons.
- In the case of cardinal utility it is impossible to measure the level of satisfaction "quantitatively" when someone consumes or purchases an apple.
- That is, the aggregate level of welfare in society is given by a welfare function whose arguments are the cardinal utility of income functions.
- During the 1940s, Allais became interested in the theory of choice under uncertainty and developed a theory of cardinal utility.
- The title of Baumol's paper, "The cardinal utility which is ordinal", expressed well the semantic mess of the literature at the time.
- Some authors have commented on the ambiguity of the terms "cardinal utility" and "ordinal utility", as used in economic jargon:
- Arrow, like many economists, rejected cardinal utility as a meaningful tool for expressing social welfare, and so focused his theorem on preference rankings.
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