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On Ordinal Utility, Cardinal Utility and Random Utility

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  • Richard Batley

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Abstract

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Suggested Citation

  • Richard Batley, 2008. "On Ordinal Utility, Cardinal Utility and Random Utility," Theory and Decision, Springer, vol. 64(1), pages 37-63, February.
  • Handle: RePEc:kap:theord:v:64:y:2008:i:1:p:37-63
    DOI: 10.1007/s11238-007-9046-2
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    File URL: http://hdl.handle.net/10.1007/s11238-007-9046-2
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    References listed on IDEAS

    as
    1. Small, Kenneth A & Rosen, Harvey S, 1981. "Applied Welfare Economics with Discrete Choice Models," Econometrica, Econometric Society, vol. 49(1), pages 105-130, January.
    2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    3. H C W L Williams, 1977. "On the formation of travel demand models and economic evaluation measures of user benefit," Environment and Planning A, Pion Ltd, London, vol. 9(3), pages 285-344, March.
    4. John K. Dagsvik, 2001. "Compensated Variation in Random Utility Models," Discussion Papers 299, Statistics Norway, Research Department.
    5. H C W L Williams, 1977. "On the Formation of Travel Demand Models and Economic Evaluation Measures of User Benefit," Environment and Planning A, , vol. 9(3), pages 285-344, March.
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    Citations

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    Cited by:

    1. Batley, Richard & Ibáñez, J. Nicolás, 2012. "Randomness in preference orderings, outcomes and attribute tastes: An application to journey time risk," Journal of choice modelling, Elsevier, vol. 5(3), pages 157-175.
    2. Batley, Richard & Hess, Stephane, 2016. "Testing for regularity and stochastic transitivity using the structural parameter of nested logit," Transportation Research Part B: Methodological, Elsevier, vol. 93(PA), pages 355-376.

    More about this item

    Keywords

    Ordinal utility; Cardinal utility; Random Utility Model; Log sum; Rule-of-a-half; B41 Economic Methodology; D01 Microeconomic Behaviour; Underlying Principles;

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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