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Quasilinear utility





Encyclopedia results for Quasilinear utility

  1. Quasilinear utility

    In economics and consumer theory , quasilinear utility functions are linear in one argument, generally the numeraire . Formally, for example, such a utility function could be written math U x,y u x by math , where math b math is a positive constant. Then if math u x 0 math and math u x 0 math , the indifference curve s are Parallel geometry parallel . Because in standard consumer theory utility functions are ordinal , one may assume without loss of generality that math b 1 math . Informally, an agent has quasilinear utility if it can express all its preferences in terms of money and the amount of money it has doesn t affect this utility. As a practical matter in mechanism design, quasilinear utility ensures that agents can compensate each other with side payments. 2 common examples Suppose U x, v ln x v This function is also quasi linear the function is linear in v and non linear in x Suppose F L,K K 2 L This is a quasi linear production function the function is linear in L and non linear in K econ stub Category Economics of uncertainty Category Financial economics ...   more details



  1. Quasilinear

    wiktionarypar quasilinear Quasilinear may refer to Quasilinear utility , an economic utility function linear in one argument In complexity theory and mathematics, Linearithmic function O n log n or sometimes O n log n sup k sup A type of differential equation where the coefficient of the highest order derivative does not depend on the unknown function disambig ...   more details



  1. Utility

    , or isoelastic utility isoelastic utility Exponential utility Quasilinear utility Homothetic ...Other uses Utilitarianism In economics , utility is a measure of relative satisfaction. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of attempts to increase one s utility. Utility is often modeled to be affected by Consumption ... of leisure time. The doctrine of utilitarianism saw the maximization of utility as a moral criterion ... Stuart Mill 1806 1873 , society should aim to maximize the total utility of individuals, aiming for the greatest ... 1921 2002 would have society maximize the utility of the individual initially receiving the minimum amount of utility. Utility is usually applied by economists in such constructs as the indifference ... a given level of satisfaction. Individual utility and social utility can be construed as the value of a utility function and a social welfare function respectively. When coupled with production ... concept in welfare economics . Quantifying utility It was recognized that utility could not be measured ... Utility is taken to be correlative to Desire or Want. It has been already argued that desires cannot .... ref blockquote Cardinal and ordinal utility Details cardinal utility Economists distinguish between cardinal utility and ordinal utility . When cardinal utility is used, the magnitude of utility ... utility captures only ranking and not strength of preferences. Utility functions of both sorts assign a ranking to members of a choice set. For example, suppose a cup of orange juice has utility of 120 utils, a cup of tea has a utility of 80 utils, and a cup of water has a utility of 40 utils. When speaking of cardinal utility, it could be concluded that the cup of orange juice is better than ..., because this conclusion would depend not only on magnitudes of utility differences, but also on the zero of utility. It is tempting when dealing with cardinal utility to aggregate utilities across ...   more details



  1. Archive utility

    For archive utility applications in general see file archiver . For the MAC OS Archive Utility service application see Archive Utility . disambiguation ...   more details



  1. Utility meter

    A utility meter is any of the following metering devices used on utility mains electricity meter water meter gas meter disambig ...   more details



  1. Utility (disambiguation)

    Wiktionary utility Utility is a measure of the happiness or satisfaction gained from a good or service in economics and game theory. Utility may also refer to Public utility , an organization that maintains the infrastructure for a public service, or the services themselves Utility patent , one of the requirements for patentability in United States patent law Utility software or a utility program, a software program that functions for a particular purpose Utility player , a baseball player who plays more than one position regularly. Utility model , an intellectual property right to protect inventions Utility Radio , a radio receiver manufactured in Great Britain during the 1939 45 World War Utility room , a room in a house, which is the descendant of the scullery Utility vehicle , a vehicle that is designed for a specific task Utility car , a term used in Australia and New Zealand to refer to a pickup truck or coupe utility vehicle ute Utilities film Utilities film , a 1981 movie starring Robert Hays disambig es Utilidad ko it Utilit ja pl U yteczno pt Utilidade sk Utilita ...   more details



  1. Utility trailer

    A Utility Trailer is a small Trailer vehicle vehicle trailer that features an open top rear cargo area bed , and is used for the hauling of light loads. A utility trailer may also be Utility Trailer Manufacturing Company , an American semi trailer manufacturer disambig Category Trailers ...   more details



  1. Utility class

    In computer programming , a utility class is a class computer science class that defines a set of methods that perform common, often re used functions. Most utility classes define these common methods under static see Static variable scope. Examples of utility classes include java.util.Collections http java.sun.com j2se 1.5.0 docs api java util Collections.html which provides several utility methods such as sorting on objects that implement a Collection java.util.collection http java.sun.com j2se 1.5.0 docs api java util Collection.html . See also Utility pattern External links http c2.com cgi wiki?UtilityPattern Utility Pattern For a utility class, which does not require instantiation and only has static methods, use a private constructor Category Programming constructs Compu prog stub ...   more details



  1. Directory Utility

    Unreferenced date April 2010 Infobox software name Directory Utility logo Image Directory Utility Logo.png screenshot caption Directory Access Services tab developer Apple Computer latest release version 2.0.1 294.1 latest release date August 5, 2009 operating system Mac OS X genre Utility license Proprietary software Proprietary website http www.apple.com macosx Directory Utility is a utility included with the Mac OS X operating system to configure connections to directory services . Prior to Mac OS X 10.5 this tool was named Directory Access. See also Apple Open Directory Mac OS X Category Mac OS X mac stub it Accesso Directory mr uk Directory Utility zh Directory Utility ...   more details



  1. AirPort Utility

    Infobox Software name Apple AirPort Utility logo Image AirPort Utility icon.png 65px caption The logo of Airport Utility screenshot Commented out Image airportadmin.png 220px caption Screenshot of AirPort Admin Utility on Apple Mac OS X v10.4 developer Apple Inc formerly Apple Computers Inc latest release version 5.5.2 latest release date December 16, 2010 operating system Mac OS X , Windows XP , Windows Vista , Windows 7 genre computer networking Networking utility software utility license Proprietary software Proprietary Next release ? Unknown website http www.apple.com airportexpress features utility.html Apple Airport Utility The AirPort Utility , formerly called AirPort Admin Utility , is a utility that allows users to configure an AirPort Wi Fi Base Station to create a wireless network and manage a USB device e.g., printer, external hard drive attached to the AirPort device. It s pre installed in Mac OS X and is available for download for Microsoft Windows XP , Windows Vista and Windows 7 . The initial release supported Mac OS X only, but later Apple released versions for Windows. Other operating systems are unsupported. External links http www.apple.com airportextreme features utility.html AirPort Utility http support.apple.com downloads airport AirPort Utility downloads http www.apple.com airportextreme Airport Extreme Apple software on Windows Apple hardware since 1998 Apple software Mac OS X Mac stub May 2010 Mac software stub May 2010 Windows software stub May 2010 DEFAULTSORT Airport Utility Category Mac OS X, Airport, Windows Software Network software stub Category Wireless Category Mac OS it Utility Amministrazione AirPort ru AirPort uk AirPort Admin Utility zh AirPort ...   more details



  1. Utility tunnel

    Mergefrom Utilidor Common utility duct date May 2010 Unreferenced stub auto yes date December 2009 Image Heatpipe tunnel copenhagen 2009.jpg thumb Underground tunnel for heatpipes between Rigshospitalet and Amagerv rket in Denmark . Image Dec27 004.jpg right thumb A picture of an utility tunnel taken by an Urban Exploration urban explorer in Toronto Canada. Note the steam and electrical conduit. File Schiffbau tunnel.jpg thumb Utility tunnel in the center of Zurich , Switzerland A utility tunnel is a space for wires, conduits, pipes, and other conveyances used in the delivery of utilities with enough room for a human to enter. Modern pipes and cables need less attention and space than older varieties, so the construction of utility tunnels declined in the late 20th century. Modern underground utilities tend to be enclosed in pipe chases, which are not large enough for people. Steam pipe s, in particular, tend to be housed in large tunnels for easy access by workmen. A number of university campuses have a complex network of steam pipes student exploration thereof is referred to as roof and tunnel hacking . See also Common utility duct Jefferies tube Steam tunnel incident Utilidor Utility vault DEFAULTSORT Utility Tunnel Category Tunnels Architecture stub cs Kolektor tunel he ja ...   more details



  1. Transferable utility

    Transferable utility is a term used in Cooperative game cooperative game theory and in economics . Utility is transferable if one player can losslessly transfer part of its utility to another player. Such transfers are possible if the players have a common currency that is valued equally by all. Note that being able to transfer cash payoff s does not imply that utility is transferable wealthy and poor players may derive a different utility from the same amount of money. Transferable utility is assumed in many cooperative game s, where the payoff s are not given for individual players, but only for coalitions. In this case the assumption implies that irrespective of the division of the coalitional payoff, members of the coalition enjoy the same total utility . References cite book last Myerson first Roger B. authorlink Roger B. Myerson title Game Theory Analysis of Conflict publisher Harvard University Press date 1991 location Cambridge, Massachusetts pages 568 url doi id isbn 0 674 34116 3 game theory Category Game theory Category Utility ...   more details



  1. Utility pattern

    Unreferenced date November 2008 Confusing date February 2009 The Utility pattern is a software pattern that is used for utility Class computer science class es that do not require instantiation and only have static method s. The state computer science stateless class is designated as static so that no instances can be created. Good candidates for utility classes are convenience methods that can be grouped together functionally. Furthermore, methods in Utility classes are usually deterministic. As the Utility class is stateless, all parameters in each method must pass all necessary information to the method. Example in C public static class LogUtil public static void LogError String message MyLogger logger new MyLogger logger.LogError message public static void LogWarning String message MyLogger logger new MyLogger logger.LogWarning message public static void LogInfo String message MyLogger logger new MyLogger logger.LogInfo message A simple example showing how the utility methods are used class MyProgram static void Main String args if args.Length 0 Call our utility helper methods. Note that these are static methods that are called directly off the class. LogUtil.LogError User ran app with arguments else LogUtil.LogInfo Running program. Run See also Utility class Category Software design patterns Compu prog stub ...   more details



  1. Utility vault

    Image UtilityVault.JPG thumb right 150px Open Utility Vault. ELEC on cover indicates Electrical Equipment Wires. A utility vault is an underground room providing access to subterranean public utility equipment, such as valve s for water or natural gas pipes, or switchgear for electrical or telecommunication s equipment. Utility vaults are commonly constructed out of reinforced concrete box es, poured cement or brick. Small ones are usually entered through a manhole or grate on the topside. Such vaults are considered confined space s and can be hazardous to enter. Large utility vaults are similar to mechanical room mechanical or electrical room s in design and content. External links http www.precast.org vault faq.htm National Precast Concrete Association Category Public utilities Category Rooms Category Subterranea geography room stub ...   more details



  1. Utility aircraft

    Infobox aviation name Utility aircraft image Image Beriew Be 200 CH S Detail Bug 2.jpg caption The Beriev Be 200 is a utility aircraft. A utility aircraft is a general purpose light plane or helicopter, usually used for transporting people or freight, but also for other duties when a more specialised aircraft is not required or available. The term can also refer to an aircraft Type certificate certified under FAR Part 23 as a Utility Category Aircraft , which indicates that it is permitted to conduct limited aerobatics . The approved maneuvers include chandelle s, lazy eight s, Spin flight spins and steep turns over 60° of bank. ref name Crane Crane, Dale Dictionary of Aeronautical Terms, third edition , page 535. Aviation Supplies & Academics, 1997. ISBN 1 56027 287 2 ref In the United States, military utility aircraft are given the prefix U in their designations. References reflist Category Aircraft by type aero stub de Mehrzweckflugzeug es Avi n utilitario ...   more details



  1. Utility monster

    Utilitarianism expanded Problems The utility monster is a thought experiment in the study of ethics . It was created by philosopher Robert Nozick in 1974 as a criticism of utilitarianism . In the thought experiment, a hypothetical being is proposed who receives as much or more utility from each additional unit of a resource he consumes as the first unit he consumes. Since ordinary people receive less utility with each additional unit consumed, if the utility monster existed, it would justify the mistreatment and perhaps annihilation of everyone else, according to the doctrine of utilitarianism. According to the philosopher Robert Nozick Utilitarian theory is embarrassed by the possibility of utility monsters who get enormously greater sums of utility from any sacrifice of others than these others lose . . . the theory seems to require that we all be sacrificed in the monster s maw, in order to increase total utility. ref Robert Nozick, Anarchy, State, and Utopia 1974 ref This thought experiment attempts to show that utilitarianism is not actually egalitarian , even though it appears to be at first glance. It is the opposite of the mere addition paradox , which argues that utilitarianism may lead to a very heavily populated dystopic world. See also Average and total utilitarianism References reflist Category Utilitarianism Category Thought experiments in ethics lt Laim s monstras ...   more details



  1. Utility vehicle

    unreferenced date December 2010 Utility vehicle is used to describe a vehicle , generally motorized , that is designed for a specific task. Types of utility vehicles Armored utility vehicle Sport utility vehicle Vehicles similar to a station wagon but built on a light truck chassis, usually with off road capability. main Sport utility vehicle Crossover utility vehicle Image Kawasaki Mule snow removal.jpg thumb 200px right Kawasaki Mule used for snow removal Station wagon s based on car chassis, but styled to look like sport utility vehicles main Crossover automobile Light equipment Vehicles like the Kawasaki motorcycles All Terrain Vehicles and utility vehicles Kawasaki s MULE in which a flat bed is added to an all terrain vehicle . Generally used as a maintenance vehicle. Coup utility or Tray utility vehicle Vehicles featuring a coupe passenger compartment with an attached cargo bed. All steel bodied utility vehicles, more commonly called utes , were invented in Australia . main Coup utility Utility Terrain Vehicle A type of small vehicle like an All terrain vehicle ATV all terrain vehicle but with more truck like features for working instead of recreation. main Utility terrain vehicle UTV Characteristics UTV s differ from ATV s in that UTV s typically have a side by side seating arrangement, many have seat belts and roll over protection, and most have a cargo box at the rear of the vehicle. The UTV s generally have a higher payload capability and are longer and wider than ATV s. While most ATV s can carry 125 to 200 lbs. of cargo in addition to the operator s weight, the UTV payloads run from 800 to 1350 lbs. above the operator passenger s weight. The payload is usually carried on a UTV below the top of the tires as opposed to an ATV where the load is carried above the fenders. This lower load positioning can drastically lower the vertical center of gravity which will increase stability. UTV s come in a number of different configurations. Some have four tires on the ground ...   more details



  1. Ordinal utility

    Ordinal utility Economic theory theory states that while the utility of a particular good economics good or service cannot be measured using a numerical scale bearing economic meaning in and of itself, pairs of alternative bundles combinations of goods can be ordered such that one is considered by an individual to be worse than, equal to, or better than the other. This contrasts with cardinal utility theory, which generally treats utility as something whose numerical value is meaningful in its own right. Indifference curve mappings When a large number of bundles of goods are compared, the preferences of the individual can be seen. This information is usually put together on a graph called an indifference map. One of these is shown below image Simple indifference curves.svg 200px indifference map Each indifference curve is a set of points, each representing a combination of quantities of two ... a curve is from the origin, the greater is the level of utility. The slope of the curve the negative ... is willing to trade off good X against good Y maintaining the same level of utility. The curve is convex ... as that based on cardinal utility theory i.e., consumers will consume at the point where the marginal ... botond mistakeschicago.pdf ref Ordinal utility functions An ordinal utility function describing ... prefers more of both goods. But the same preferences could be expressed as another utility ... globally increasing function. Utility functions g and u give rise to identical indifference curve mappings. Thus in ordinal utility theory, there is no concept of diminishing marginal utility , which would correspond to the second derivative of utility being negative. For example, even if u has a negative second derivative with respect to x , the equivalent utility function g may have a positive second derivative with respect to x . See also consumer theory cardinal utility marginal utility References references Category Utility nl Ordinaal nut ...   more details



  1. Disk Utility

    Primary sources date July 2008 Infobox software name Disk Utility logo Image Diskutil.png 64px screenshot Image Disk Utility screenshot.png 220px Disk Utility screenshot caption author developer Apple Inc. released latest release version 11.5.2 298.4 latest release date November 10, 2010 latest preview version latest preview date operating system Mac OS X platform language genre Software utility Utility license Proprietary software Proprietary website Disk Utility is the name of a Utility software utility created by Apple Inc. Apple for performing Disk storage disk related tasks in Mac OS X . These tasks include ref http docs.info.apple.com article.html?path DiskUtility 10.5 en duh1008.html Disk Utility 10.5 Help Testing and repairing a disk or volume ref the creation, conversion, compression and encryption of disk image s from a wide range of formats read by Disk Utility to .dmg or for CD ... Disk Utility s Repair Disk Permissions feature ref disk erasing, disk formatting formatting , disk partitioning ..., merging ref http support.apple.com kb TA24359 Mac OS X How to combine RAID sets in Disk Utility .... Disk Utility functions may also be accessed from the Mac OS X Command line interface command line with the diskutil and hdiutil commands. Disk Utility was updated with Mac OS X v10.3 . Prior to v10.3, the functionality of Disk Utility was spread across two applications Disk Copy and Disk Utility. Disk Copy was used for creating and mounting disk image files, and Disk Utility was used for formatting ... Disk Utility to be used to verify the file structure of the current boot drive. However as Apple ... Utility in Mac OS X 10.4.3 or later to verify or repair disks Bot generated title ref doing so can ... of the Mac OS prior to Mac OS X, similar functionality to the verification features of Disk Utility .... See also Logical Disk Manager Palimpsest Disk Utility GNU Parted diskpart fdisk cfdisk References ... Hard disk software it Utility Disco ja ru Disk Utility uk Disk Utility zh Disk Utility ...   more details



  1. Utility (patent)

    Patent law In United States patent law , utility is a patentability requirement. ref U.S. CONST., art ... to the degree of utility it simply requires that it shall be capable of use.... ref The majority of inventions are usually not challenged as lacking utility, ref Janice M. Mueller, Patent Law 235 3d ... application expresses a specific, credible, and substantial utility. ref See Brenner v. Manson , 383 U.S. 519 1966 USPTO, Utility Exmaination Guidelines, 66 Fed. Reg. 1092, 1098 Jan. 5, 2001 available ..., and credible utility. European patent law does not consider utility as a patentability criterion ... even where they have practical utility headnote III. , thus ruling out the utility of an invention ... Article 57 . ref Utility categories In considering the requirement of utility for patents, there are three ... use of the invention. Operability A requirement of functionality, also known as General Utility Operability concerns whether the invention actually works or accomplishes the utility that the inventor ... a claim invalid as lacking utility. ref name JMMueller247 Janice M. Mueller, Patent Law 247 3d. ed ... X from 20 to 80 weight percent, for which the inventor asserts the utility of shrinking cancer tumors ... that is, the X equals 30 percent species does not possess the utility asserted for the genus. ref name ... ref the utility bar enunciated in this case is low, only requiring that the patented invention ... of utility is not high An invention is useful under section 101 if it is capable of providing some identifiable benefit. A rejection under 35 U.S.C. 101 for lack of utility should not be based on grounds ... Procedure 706.03 a II Practical The last utility category is practical or specific utility. According ..., Patent Law 236 3d. ed. 2009 . ref The utility threshold is relatively easy to satisfy for mechanical, electrical, or novelty inventions, because the purpose of the utility requirement is to ensure that the invention works on some minimal level. However, the practical or specific utility requirement ...   more details



  1. Utility station

    The term utility station is used to describe fixed radio broadcasters disseminating signals that are not intended for reception by the general public but such members are not actively prohibited from receiving . Utility stations, as the name suggests, do broadcast signals that have an immediate practical use, by means of analog or usually digital modes most often utility transmissions are of a point to point nature, intended for a specific receiving station. Utility stations are most prevalent on shortwave frequencies, though they are not restricted to the shortwave frequencies. Examples of utility station and modes One common use of utility stations is disseminating weather information. Weather information is often broadcast using radioteletype RTTY and sending synoptic code s, or weather chart s are sent using radiofax , which are used by mariners and others. Airports make voice weather broadcasts on High frequency HF , known as VOLMET . Some examples include New York Radio, which broadcasts weather information for locations in the eastern United States, or Shanwick Radio, which does the same for Europe. HF frequencies are still often used for trans oceanic air traffic control. News agencies previously used RTTY for news stories, and, less commonly, radiofax for the images, although is no longer done. Satellite communications and the Internet have replaced HF for this application. Many maritime radio services are often known as utility stations, including as ship to shore and vice versa telephony and error controlled radioteletype such as SITOR . Military use of shortwave ... of Automatic link establishment modes to set up communication links automatically. Some utility stations ... other utility type signals are piggybacked on Subsidiary Communications Authority FM broadcast ... Utility World with various sound samples of utility modes http kb9ukd.com digital KB9UKD Digital Modes with mostly non HF utility modes samples Category Radio stations radio comm stub ...   more details



  1. Network Utility

    Unreferenced stub auto yes date December 2009 Infobox Software name Network Utility logo Image Network Utility icon.png 64px screenshot Image Network Utility ping.png 220px caption Network Utility performing a ping on en.wikipedia.org developer Apple Computer latest release version 1.4.6 70 latest release date August 28, 2009 operating system Mac OS X genre computer networking network software license website Network Utility is an application included with Mac OS X that provides a variety of computer networking computer network information. It is located at tt Applications Utilities Network Utility.app tt . Services Network interface s Netstat AppleTalk ping Lookup Traceroute Whois Finger protocol Finger Port scan Port scan Network Utility uses the tools supplied in the unix directories for most of its functions, however for the port scan it uses a unix executable in its resources folder, stroke software stroke , found at tt Applications Utilities Network Utility.app Contents Resources stroke tt . Gallery gallery Image Network Utility lookup any en.wikipedia.org.png Performing a DNS lookup on en.wikipedia.org gallery Mac OS X Category Mac OS X only software made by Apple Inc. Category Mac OS X Mac stub it Utility Network ja Macintosh uk Network Utility ...   more details



  1. Roadster utility

    A Roadster utility is an automobile with an open topped roadster body and a rear cargo bed. The concept is similar to that of the coupe utility which combines a closed coupe body with a rear cargo bed. ref name AussieUte Larry O Toole, The Good Old Aussie Ute, 2000, page 6 ref The style was common in Australia prior to World War II ref name AussieUte and was revived by Ford Australia in 1953 for its Ford Popular Ford Popular Roadster Utility . ref name Darwin The History of Ford in Australia, Norm Darwin, 1986, page 101 ref In the United States this body style was called a Roadster Pickup and was popular during the 1920s and early 1930s. Several manufacturers like Ford or Dodge offered it as standard models in their commercial vehicle catalogues. References references External links http www.roadsterute.com index3.htm Roadster Utility Vehicle Category Car body styles ...   more details



  1. Isoelastic utility

    In economics , the isoelastic function for utility , also known as the isoelastic utility function , constant relative risk aversion utility function , or power utility function , is used to express utility in terms of consumption economics consumption or some other economic variable that a decision maker is concerned with. It is math u c begin cases frac c 1 eta 1 1 eta & eta neq 1 log c & eta 1 end cases math where math c math is consumption, math u c math the associated utility, and math eta math is a non negative constant. ref Ljungqvist & Sargent Recursive Macroeconomic Theory , page 451 ref Since additive constant terms in objective functions do not affect optimal decisions, the term 1 in the numerator can be, and usually is, omitted except when establishing the limiting case of log c as below . When the context involves risk, the utility function is viewed as a von Neumann Morgenstern utility function , and the parameter math eta math is a measure of risk aversion. The isoelastic utility function is a special case of the hyperbolic absolute risk aversion HARA utility functions, and is used in analyses that either include or do not include underlying risk . Empirical parametrization There is substantial debate in the economics and finance literature with respect to the empirical value of math eta math . While relatively high values of math eta math as high as 50 in some models Citation needed date December 2010 are necessary to explain the behavior of asset prices, controlled experiments Citation needed date December 2010 lead to the conclusion that individuals have math eta math close to one. Risk aversion features This and only this utility function has the feature .... Special cases math eta 0 math this corresponds to risk neutrality , because utility is linear in c ... Exponential utility Risk aversion References references DEFAULTSORT Isoelastic Utility Category Macroeconomics Category Microeconomics Category Finance Category Utility ...   more details



  1. Cardinal utility

    Image Cardinal utility example.png thumb alt An example of two cardinal utility functions A simple example of cardinality. Y 2x 3 In economics , cardinal utility refers to a property of mathematical indices ... utility . Economic Journal 64 255 528 556 ref ref Strotz, Robert. 1953 . Cardinal utility . American economic review Vol. 43, No. 2, pp. 384 397 ref Two utility indices are related by a linear ... the utility functions themselves are related by math v x au x b. math The two indices differ only with respect to scale and origin. ref name Ellsberg, Daniel 1954 Cardinal utility is mostly considered to be an outdated concept. Only within specific contexts such as expected utility theory decision ... utilities for intertemporal evaluations , cardinal utility is usually accepted. ref K bberling, Veronika. 2006 . Strength of preference and cardinal utility . Economic theory , No. 27, p. 375 ref Elsewhere, such as in general Consumer choice consumer theory , ordinal utility is preferred. History Modern work in cardinal utility theory began in the 18th century, when Daniel Bernoulli proposed a logarithmic utility function as a solution to the St. Petersburg paradox . Logarithmic utility displays the property of diminishing marginal utility of wealth, reflecting a decline in the degree ... measure satisfaction or utility . His motivation was to establish the principle of utility as the basis ... of utility by defining the unit of intensity as the degree of intensity possessed by that pleasure ... numbers. ref name Stigler, George 1950 Stigler, George. 1950 . The development of utility theory ..., the issue of the measurability of utility received plenty of attention from European schools of political ... and Alfred Marshall . Jevons defined utility as a useful object , or something which could increase ... of utility, since he argued in later editions of his works that it was difficult to imagine how estimations of utility and summations can be made with any approach to accuracy. ref name Stigler ...   more details




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