Strength of preference and cardinal utility

DOI10.1007/S00199-005-0598-5MaRDI QIDQ2580970zbMATH OpenOpenAlexWikidataFDO

Authors Veronika Köbberling

Publication date 10 January 2006

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s00199-005-0598-5

zbMATH Keywords

difference relation

Mathematics Subject Classification ID

Individual preferences (91B08) Utility theory (91B16)

Review text

Axiomatic definitions of the difference relation are considered implying the existence of a utility function which is compatible with the underlying preference relation and represents the difference relation. The proposed axiomatics provide the most general representation of cardinal utility. The other known theorems follow as corollaries of the result proved in the present paper. Whether utility is ordinal or cardinal depends on underlying axiomatics which can be debated. However, the present paper is not arguing for either ordinal or cardinal utility. It concentrates on mathematical aspects showing how earlier derivations of cardinal utility can be simplified.

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