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Comparative Analysis between Cardinal Utility and Ordinal Utility

Author

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  • Vasil Stoyanov

    (University of National and World Economy, Sofia, Bulgaria)

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.

Suggested Citation

  • Vasil Stoyanov, 2018. "Comparative Analysis between Cardinal Utility and Ordinal Utility," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 133-144, December.
    • Handle: RePEc:nwe:iisabg:y:2018:i:4:p:133-144
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    More about this item

    Keywords

    measurement of utility; cardinal utility; ordinal utility; history of economic thought;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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