About: Cardinal utility

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In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations. Two utility indices are related by an affine transformation if for the value of one index u, occurring at any quantity of the goods bundle being evaluated, the corresponding value of the other index v satisfies a relationship of the form , for fixed constants a and b. Thus the utility functions themselves are related by

Attributes	Values
rdfs:label	Cardinal utility (en)
rdfs:comment	In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations. Two utility indices are related by an affine transformation if for the value of one index u, occurring at any quantity of the goods bundle being evaluated, the corresponding value of the other index v satisfies a relationship of the form , for fixed constants a and b. Thus the utility functions themselves are related by (en)
sameAs	Cardinal utility
dbp:wikiPageUsesTemplate	dbt:= dbt:Citation_needed dbt:Details dbt:Math dbt:Quote dbt:Reflist dbt:Sfnp dbt:Ordinal_vs._cardinal_utility
Subject	Utility
Link from a Wikipage to an external page	https://mises.org/daily/2205
thumbnail	wiki-commons:Special:FilePath/Examples_of_cardinal_utility_functions.svg?width=300
foaf:depiction
prov:wasDerivedFrom	http://en.wikipedia.org/wiki/Cardinal_utility?oldid=1045455202&ns=0
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Wikipage revision ID	1045455202 (xsd:integer)
Link from a Wikipage to another Wikipage	Francis Ysidro Edgeworth Logarithmic scale Victorian era Affine transformation Alfred Marshall Andranik Tangian Armen Alchian Austrian School Von Neumann–Morgenstern utility theorem Carl Menger Utility Celsius Jeremy Bentham Murray Rothbard Pain Set theory Daniel Bernoulli Pleasure Preference (economics) Psychophysics St. Petersburg paradox Consumer choice Economics John Hicks Ordinal utility Vilfredo Pareto Ernst Heinrich Weber Indifference curve Planetary equilibrium temperature Derivative Expected utility hypothesis Gérard Debreu Happiness economics Hedonism Hedonometer Introspection Irving Fisher Utilitarianism Utility Eugen Slutsky Itzhak Gilboa Lottery (probability) Patrick Suppes Level of measurement Léon Walras Marginal utility Marginalism Measure (mathematics) Multi-attribute utility Neoclassical economics R. G. D. Allen William Stanley Jevons
has abstract	In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations. Two utility indices are related by an affine transformation if for the value of one index u, occurring at any quantity of the goods bundle being evaluated, the corresponding value of the other index v satisfies a relationship of the form , for fixed constants a and b. Thus the utility functions themselves are related by The two indices differ only with respect to scale and origin. Thus if one is concave, so is the other, in which case there is often said to be diminishing marginal utility. Thus the use of cardinal utility imposes the assumption that levels of absolute satisfaction exist, so that the magnitudes of increments to satisfaction can be compared across different situations. In consumer choice theory, ordinal utility with its weaker assumptions is preferred because results that are just as strong can be derived. (en)
foaf:isPrimaryTopicOf	http://en.wikipedia.org/wiki/Cardinal_utility
is rdfs:seeAlso of	Welfare economics
is Link from a Wikipage to another Wikipage of	Foundations of Economic Analysis Normal-form game Abram Bergson Additive utility Proof of impossibility Monotonicity (mechanism design) Cardinal voting Cardinality (disambiguation) Dichotomous preferences Discounted utility Debreu theorems House allocation problem Comparison of electoral systems Concave function Constant elasticity of substitution Consumer choice Envy-free item allocation Envy-graph procedure Index of philosophy articles (A–C) Expected utility hypothesis Exponential utility Extended sympathy Fair item allocation Fair random assignment Gérard Debreu

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