Comparative Analysis between Cardinal Utility and Ordinal Utility

Vasil Stoyanov
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Vasil Stoyanov: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2018, issue 4, 133-144

Abstract: This paper traces the history of the issue of utility measurement. Two approaches of utility measurement are examined in historical per­spective. First, a brief review on the differences between cardinal utility measurement and or­dinal utility measurement is done. Second, the methods of Irving Fisher and Alfred Marshall for cardinal utility measurement are examined in depth. Then, it is explained why the measure­ment of cardinal utility was thrown away from economics at the beginning of the twentieth century. And finally, it is shown how measure­ment of ordinal utility is conducted by using an indifference curves map.

Keywords: measurement of utility; cardinal utility; ordinal utility; history of economic thought (search for similar items in EconPapers)
JEL-codes: B1 B2 B4 D11 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2018:i:4:p:133-144

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