Ordinal Space, Utility, and Consumer Demand: A Clarifying Note

C-Rene Dominique

MPRA Paper from University Library of Munich, Germany

Abstract: Concepts such as marginal utility, expected-utility, etc. are severely criticized in some quarters where economists are accused of performing mathematical operations in ordinal spaces. Haplessly, economists’ counterclaims are far from being substantive. This note shows that there exists an order-isomorphism relating preference ordering to a substantive set of real numbers and thus obviates the need for a utility index.

Keywords: Ordinal Spaces; Binary Relation; Poset; Total Pre-ordering; Isomorphisms. (search for similar items in EconPapers)
JEL-codes: D4 D5 (search for similar items in EconPapers)
Date: 2016-11-11
New Economics Papers: this item is included in nep-upt
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