Cardinalism: a fundamental approach
This book is concerned with the problems of whether a utility concept that is cardinal -- insofar as ratios between utility differences are significant -- exists or not, whether it is useful -- e.g. in creating testable models of behaviour -- or whether a merely ordinal preference function will do for all purposes. Some selected highlights from the debate between cardinalists and ordinalists are analyzed, but essentially this is a presentation of fresh elements in the case for cardinalism. Special themes analyzed include the distinction between utility and risk attitude, motivating decisions in case of uncertainty, multiperiod allocations and complementarity. Empirical evidence is presented and it seems that attempts at measuring utility give amazing results. The book will interest researchers, teachers and advanced students in economics, economic psychology, welfare theory and themes concerned with human behaviour.
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Maurice allais Absolute Satisfaction
MAURICE allais Determination of Cardinal Utility According
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1952 experiment 2-preferences absolute satisfaction affine transformation Allais Allais Paradox analysis approximation assessed assume assumption axioms behaviour cardinal utility function certainty equivalents Chart choice condition considered consumer consumption corresponding Decision Theories deduced defined definition determined Dordrecht Econometrica economic equilibrium equation estimate ex post utility existence expected utility model Fishburn Frisch given Harsanyi hypothesis implies income increase independent indifference indifference curves individual intrinsic invariant model introspection invariant cardinal utility Krzysztofowicz linear linear transformation log-linear marginal Mathematical Maurice Maurice Allais maximization measurement method multiplicative model ordinal ordinalistic outcomes parameters Pareto Petersburg paradox possible postulates preference relation probability properties prospect theory quantities question Reidel represented risk attitude risk aversion risk effect risk function scale Science simple gambles social social welfare functions strength of preference Table Theorem Theory and Decision transformations uncertainty utilitarian Utility and Risk utility concept utility model utility theory valid welfare function