| 单词 | ordinal utility |
| 释义 | ordinal utility The view that in comparing welfare levels, the direction of differences can be observed but the magnitude of differences cannot be measured. This is contrasted with cardinal utility, which assumes that welfare levels and therefore welfare differences can be measured. In considering decisions under certainty, ordinal utility is adequate except for dealing with income distribution. In considering decisions under uncertainty, however, economists have found it convenient to assume cardinal utility. |
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