1441:
cardinal utility, it can be concluded that the cup of orange juice is better than the cup of tea by exactly the same amount by which the cup of tea is better than the cup of water. Formally, this means that if a person has a cup of tea, he or she would be willing to take any bet with a probability, p, greater than .5 of getting a cup of juice, with a risk of getting a cup of water equal to 1-p. One cannot conclude, however, that the cup of tea is two thirds of the goodness of the cup of juice, because this conclusion would depend not only on magnitudes of utility differences, but also on the "zero" of utility. For example, if the "zero" of utility was located at -40, then a cup of orange juice would be 160 utils more than zero, a cup of tea 120 utils more than zero. Cardinal utility can be considered as the assumption that utility can be measured by quantifiable characteristics, such as height, weight, temperature, etc.
3176:. The boundedness represents the fact that beyond a certain amount money ceases being useful at all, as the size of any economy at that time is itself bounded. The asymmetry about the origin represents the fact that gaining and losing money can have radically different implications both for individuals and businesses. The non-linearity of the utility function for money has profound implications in decision-making processes: in situations where outcomes of choices influence utility by gains or losses of money, which are the norm for most business settings, the optimal choice for a given decision depends on the possible outcomes of all other decisions in the same time-period.
798:
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cream but could not tell exactly how much extra utility received by the individual. Ordinal utility, it does not require individuals to specify how much extra utility he or she received from the preferred bundle of goods or services in comparison to other bundles. They are only required to tell which bundles they prefer.
1767:
water makes a thirsty person satisfied; as the consumption of water increases, he may feel begin to feel bad which causes the marginal utility to decrease to zero or even become negative. Furthermore, this is also used to analyze progressive taxes as the greater taxes can result in the loss of utility.
1349:
Assume an individual has two choices, A and B. By ranking the two choices, one and only one of the following relationships is true: an individual strictly prefers A (A>B); an individual strictly prefers B (B>A); an individual is indifferent between A and B (A=B). Either a ≥ b OR b ≥ a (OR both)
2272:
By making some reasonable assumptions about the way choices behave, von
Neumann and Morgenstern showed that if an agent can choose between the lotteries, then this agent has a utility function such that the desirability of an arbitrary lottery can be computed as a linear combination of the utilities
3467:
assumption. This is so because if we observe changes of peoples' behavior in relation to a change in prices or a change in budget constraint we can never be sure to what extent the change in behavior was due to the change of price or budget constraint and how much was due to a change of preference.
3184:
Individuals' consumptions are constrained by their budget allowance. The graph of budget line is a linear, downward-sloping line between X and Y axes. All the bundles of consumption under the budget line allow individuals to consume without using the whole budget as the total budget is greater than
1766:
Rational individuals only consume additional units of goods if it increases the marginal utility. However, the law of diminishing marginal utility means an additional unit consumed brings a lower marginal utility than that brought by the previous unit consumed. For example, drinking one bottle of
1704:
Economists distinguish between total utility and marginal utility. Total utility is the utility of an alternative, an entire consumption bundle or situation in life. The rate of change of utility from changing the quantity of one good consumed is termed the marginal utility of that good. Marginal
1440:
When cardinal utility is assumed, the magnitude of utility differences is treated as an ethically or behaviorally significant quantity. For example, suppose a cup of orange juice has utility of 120 "utils", a cup of tea has a utility of 80 utils, and a cup of water has a utility of 40 utils. With
1472:
Instead of giving actual numbers over different bundles, ordinal utilities are only the rankings of utilities received from different bundles of goods or services. For example, ordinal utility could tell that having two ice creams provide a greater utility to individuals in comparison to one ice
1432:
Cardinal utility states that the utilities obtained from consumption can be measured and ranked objectively and are representable by numbers. There are fundamental assumptions of cardinal utility. Economic agents should be able to rank different bundles of goods based on their own preferences or
768:
If the set of alternatives is not finite (for example because even if the number of goods is finite, the quantity chosen can be any real number on an interval) there exists a continuous utility function representing a consumer's preferences if and only if the consumer's preferences are complete,
1393:
Utility is assumed to be correlative to Desire or Want. It has been argued already that desires cannot be measured directly, but only indirectly, by the outward phenomena which they cause: and that in those cases with which economics is mainly concerned the measure is found by the price which a
760:
derived the conditions required for a preference ordering to be representable by a utility function. For a finite set of alternatives, these require only that the preference ordering is complete (so the individual is able to determine which of any two alternatives is preferred or that they are
793:
A diagram of a general indifference curve is shown below (Figure 1). The vertical axes and the horizontal axes represent an individual's consumption of commodity Y and X respectively. All the combinations of commodity X and Y along the same indifference curve are regarded indifferently by
1375:
If a bundle A contains all the goods that a bundle B contains, but A also contains more of at least one good than B, then the individual prefers A over B. If, for example, bundle A={1 apple,2 oranges}, and bundle B={1 apple,1 orange}, then A is preferred over B.
1476:
When ordinal utilities are used, differences in utils (values assumed by the utility function) are treated as ethically or behaviorally meaningless: the utility index encodes a full behavioral ordering between members of a choice set, but tells nothing about the related
1705:
utility therefore measures the slope of the utility function with respect to the changes of one good. Marginal utility usually decreases with consumption of the good, the idea of "diminishing marginal utility". In calculus notation, the marginal utility of good X is
1360:
Individuals' preferences are consistent over bundles. If an individual prefers bundle A to bundle B, and prefers bundle B to bundle C, then it can be assumed that the individual prefers bundle A to bundle C. (If a ≥ b and b ≥ c, then a ≥ c for all (a,b,c)).
1436:
A cardinal utility function can be transformed to another utility function by a positive linear transformation (multiplying by a positive number, and adding some other number); however, both utility functions represent the same preferences.
3462:
that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility". Robinson also stated that because the theory assumes that preferences are fixed this means that utility is not a
2075:
785:
of the function itself, and which plot the combination of commodities that an individual would accept to maintain a given level of satisfaction. Combining indifference curves with budget constraints allows for derivation of individual
1331:
1758:. When a good's marginal utility is positive, additional consumption of it increases utility; if zero, the consumer is satiated and indifferent about consuming more; if negative, the consumer would pay to reduce his consumption.
3982:
3444:
Substitution Effect. If the price of good A decreases, then the good becomes relatively cheaper with respect to its substitutes. Thus, individuals would consume more of good A as the utility would increase by doing
1838:
1418:, depending on whether they are or are not interpreted as providing more information than simply the rank ordering of preferences among bundles of goods, such as information concerning the strength of preferences.
1050:
is a vector containing the amounts of each commodity. For the example, there are two commodities: apples and oranges. If we say apples is the first commodity, and oranges the second, then the consumption set is
3128:
3440:
Purchasing Power. Individuals obtain greater purchasing power when the price of a good decreases. The reduction of the price allows individuals to increase their savings so they could afford to buy other
1384:
It was recognized that utility could not be measured or observed directly, so instead economists devised a way to infer relative utilities from observed choice. These 'revealed preferences', as termed by
3486:, incapable of being tested experimentally. In essence, a curve of demand and supply (a theoretical line of quantity of a product which would have been offered or requested for given price) is purely
3436:
Rational consumers wish to maximise their utility. However, as they have budget constraints, a change of price would affect the quantity of demand. There are two factors could explain this situation:
1756:
1481:. For the above example, it would only be possible to say that juice is preferred to tea to water. Thus, ordinal utility utilizes comparisons, such as "preferred to", "no more", "less than", etc.
3427:
1944:
proposed taking the expectation of a square-root utility function of money in an 1728 letter to N. Bernoulli. D. Bernoulli argued that the paradox could be resolved if decision-makers displayed
3497:
Other questions of what arguments ought to be included in a utility function are difficult to answer, yet seem necessary to understanding utility. Whether people gain utility from coherence of
2933:
which assigns a real number to every outcome in a way that represents the agent's preferences over simple lotteries. Using the four assumptions mentioned above, the agent will prefer a lottery
1906:
1626:
In order to simplify calculations, various alternative assumptions have been made concerning details of human preferences, and these imply various alternative utility functions such as:
2775:
2928:
1775:
Marginal rate of substitution is the slope of the indifference curve, which measures how much an individual is willing to switch from one good to another. Using a mathematic equation,
1048:
888:
752:
3959:
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1948:
and argued for a logarithmic cardinal utility function. (Analysis of international survey data during the 21st century has shown that insofar as utility represents happiness, as for
1447:
has largely retreated from using cardinal utility functions as the basis of economic behavior. A notable exception is in the context of analyzing choice with conditions of risk (see
716:
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In micro-economic models, there are usually a finite set of L commodities, and a consumer may consume an arbitrary amount of each commodity. This gives a consumption set of
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476:. In this situation someone who selects the most preferred alternative is necessarily also selecting the alternative that maximizes the associated utility function.
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is a measure of the satisfaction that a certain person has from a certain state of the world. Over time, the term has been used in at least two different meanings.
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Von
Neumann and Morgenstern addressed situations in which the outcomes of choices are not known with certainty, but have probabilities associated with them.
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They are usually monotonic and quasi-concave. However, it is possible for rational preferences not to be representable by a utility function. An example is
3164:
One use of the indirect utility concept is the notion of the utility of money. The (indirect) utility function for money is a nonlinear function that is
3513:. Likewise, choosing between alternatives is itself a process of determining what to consider as alternatives, a question of choice within uncertainty.
3185:
the total cost of bundles (Figure 2). If only considers prices and quantities of two goods in one bundle, a budget constraint could be formulated as
1670:
754:
for B, so James prefers alternative B. In general economic terms, a utility function ranks preferences concerning a set of goods and services.
4012:
1778:
4372:
1553:. This means that the ordinal preference induced by these functions is the same (although they are two different functions). In contrast, if
4386:
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2086:
949:= {nothing, 1 apple,1 orange, 1 apple and 1 orange, 2 apples, 2 oranges}, and his utility function is
429:
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3156:
of a given utility function, which depends on the prices of the goods and the income or wealth level that the individual possesses.
5043:
368:
1675:
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respectively. When coupled with production or commodity constraints, by some assumptions these functions can be used to analyze
1127:, so now the function needs to be defined for fractional apples and oranges too. One function that would fit these numbers is
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keeping U (x1,x2) constant. Thus, MRS is how much an individual is willing to pay for consuming a greater amount of x1.
1630:
973:(2 oranges) = 4. Then this consumer prefers 1 orange to 1 apple, but prefers one of each to 2 oranges.
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4149:
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In more formal language: A von
Neumann–Morgenstern utility function is a function from choices to the real numbers:
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242:
1848:
3654:
3532:
There are many empirical works trying to estimate the form of utility functions of agents with respect to money.
794:
individuals, which means all the combinations along an indifference curve result in the same value of utility.
85:
3598:
Debreu, Gérard (1954), "Representation of a preference ordering by a numerical function", in Thrall, Robert M.;
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1550:
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1410:, expressing utility as a function of the amounts of the various goods consumed, are treated as either
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70:
6813:
5889:
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5134:
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182:
853:, the set of all mutually-exclusive baskets the consumer could conceivably consume. The consumer's
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theory is that utility may be better considered as due to preferences that maximized evolutionary
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4365:
3975:"utility Hans Albert Expands Robinson's Critique of Marginal Utility Theory to the Law of Demand"
3517:
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1455:
806:
436:
The relationship between these two kinds of utility functions is highly controversial among both
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152:
32:
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Individual utility and social utility can be construed as the value of a utility function and a
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6302:
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5159:
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2310:
to mean 'A is weakly preferred to B' ('A is preferred at least as much as B'), the axioms are:
2281:
1929:
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842:
834:
322:
312:
177:
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5240:
3575:- a problem faced by consumers in a market: how to maximize their utility given their budget.
2096:
2070:{\displaystyle {\text{EU}}=\Pr(z)\cdot u({\text{Value}}(z))+\Pr(y)\cdot u({\text{Value}}(y))}
277:
2987:
if and only if, for the utility function characterizing that agent, the expected utility of
2890:
Axioms 3 and 4 enable us to decide about the relative utilities of two assets or lotteries.
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2412:
1933:
172:
104:
5727:
1843:
MRS is related to marginal utility. The relationship between marginal utility and MRS is:
1556:
1487:
633:
607:
581:
8:
6708:
6517:
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6236:
6216:
6176:
6132:
6117:
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5939:
5929:
5899:
5822:
5604:
5431:
5280:
5223:
5066:
4739:
3557:
1650:
1645:
1326:{\displaystyle u(x_{apples},x_{oranges})=x_{apples}+2x_{oranges}+2x_{apples}x_{oranges}.}
797:
762:
659:
555:
425:
394:
282:
157:
6377:
5809:
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6734:
6692:
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6206:
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6154:
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6043:
5994:
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5924:
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5149:
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4346:
4282:
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4254:
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3798:
3743:
3724:"The role of diminishing marginal utility in the ordinal and cardinal utility theories"
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3362:
2820:
2817:
is no more preferable than the lottery formed by the same probabilistic combination of
2800:
2780:
2621:
2557:
2337:
2317:
1970:
In finding the probability-weighted average of the utility from each possible outcome:
1640:
778:
535:
515:
417:
398:
332:
247:
162:
4341:
1454:
Sometimes cardinal utility is used to aggregate utilities across persons, to create a
890:
ranks each possible outcome in the consumption set. If the consumer strictly prefers
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6602:
6512:
6392:
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6083:
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5647:
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4297:
4278:
4266:
4218:
4196:
4145:
4137:
4123:
4116:
4065:
4052:
Capra, C. Monica; Rubin, Paul H. (2011). "The
Evolutionary Psychology of Economics".
3915:
3831:
3790:
3747:
3702:
3634:
3611:
3521:
3458:
famously criticized utility for being a circular concept: "Utility is the quality in
1960:
1696:
which are not continuous and cannot be represented by a continuous utility function.
1665:
822:
810:
344:
327:
6552:
4159:
Georgescu-Roegen, Nicholas (August 1936). "The Pure Theory of
Consumer's Behavior".
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6808:
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4168:
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3735:
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3165:
3147:
1963:, who used the assumption of expected utility maximization in their formulation of
1956:
1937:
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410:
237:
117:
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4402:
4398:
757:
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6647:
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6472:
6457:
6351:
6307:
6144:
6078:
6053:
6048:
6024:
5755:
5740:
5667:
5139:
5076:
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4795:
4437:
4390:
4376:
3599:
3474:
1467:
787:
452:
Consider a set of alternatives among which a person has a preference ordering. A
397:
context, utility refers to a goal or objective that we wish to maximize, i.e. an
292:
75:
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6702:
6687:
6652:
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6407:
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5382:
5341:
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2280:. The required assumptions are four axioms about the properties of the agent's
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838:
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402:
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80:
40:
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5426:
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4610:
4595:
4188:
3870:
3794:
3603:
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1945:
814:
90:
3739:
2284:
over 'simple lotteries', which are lotteries with just two options. Writing
6697:
6642:
6537:
6527:
6522:
6447:
6292:
5817:
5745:
5534:
5366:
5361:
5095:
4749:
4665:
4660:
4490:
4237:
1394:
person is willing to pay for the fulfillment or satisfaction of his desire.
782:
132:
3701:. New Delhi: Oxford Higher Education/Oxford University Press. p. 60.
3615:
3138:
theories have arisen, most of which omit or relax the independence axiom.
3134:
Of all the axioms, independence is the most often discarded. A variety of
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5117:
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3479:
3469:
3464:
3459:
2777:. Intuitively, if the lottery formed by the probabilistic combination of
1964:
457:
317:
3785:
1833:{\displaystyle MRS=-\operatorname {d} \!x_{2}/\operatorname {d} \!x_{1}}
1433:
utilities, and also sort different transitions of two bundles of goods.
6582:
6382:
6159:
5319:
5071:
4815:
4510:
4465:
4258:
4180:
2273:
of its parts, with the weights being their probabilities of occurring.
232:
127:
65:
60:
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4356:
3524:
in the ancestral environment but not necessarily in the current one.
3123:{\displaystyle L_{1}\preceq L_{2}{\text{ iff }}u(L_{1})\leq u(L_{2})}
437:
382:
227:
212:
4250:
4172:
6211:
5422:
5417:
5292:
4861:
4707:
4615:
4520:
4505:
4485:
3581:- processes for estimating the utility functions of human subjects.
1955:
The first important use of the expected utility theory was that of
217:
401:. This kind of utility bears a closer resemblance to the original
5375:
5287:
5021:
4774:
4769:
4764:
4605:
4585:
4540:
3510:
3502:
3482:
theory of demand rested rendered the theory itself a meaningless
1921:
Expected utility theory deals with the analysis of choices among
841:, it is often convenient to represent preferences with a utility
19:
This article is about the economic concept. For other uses, see
5662:
5451:
4866:
4820:
4805:
4800:
4692:
4687:
4620:
4590:
4515:
4475:
4470:
4460:
3543:
441:
2406:(or both, in which case they are viewed as equally desirable).
1513:
is ordinal and non-negative, it is equivalent to the function
5336:
5218:
5198:
4988:
4825:
4677:
4640:
4635:
4560:
4550:
4357:
Maximization of
Originality - redefinition of classic utility
3498:
1925:
projects with multiple (possibly multidimensional) outcomes.
5688:
3509:
is important to understanding their behavior in the utility
5493:
4851:
4835:
4810:
4734:
4702:
4697:
4682:
4655:
4650:
4645:
4625:
4525:
4296:(Second ed.). Hinsdale: Dryden Press. pp. 53–87.
3763:"How Cardinal Utility Entered Economic Analysis, 1909-1944"
3506:
207:
55:
4087:"An empirical assessment of the form of utility functions"
2164:
More generally, for a lottery with many possible options:
4830:
4555:
4530:
4495:
3168:
and asymmetric about the origin. The utility function is
1123:, however, it must be defined for every package in
3172:
in the positive region, representing the phenomenon of
1751:{\displaystyle MU_{x}={\frac {\partial U}{\partial X}}}
1688:
Most utility functions used for modeling or theory are
456:
represents that ordering if it is possible to assign a
1770:
1761:
1389:, were revealed e.g. in people's willingness to pay:
3952:"Joan Robinson's Critique of Marginal Utility Theory"
3863:
International
Journal of Tax Economics and Management
3854:
Castro, Luiz
Carvalho; Araujo, Antônio Souza (2019).
3468:
This criticism is similar to that of the philosopher
3375:
3338:
3311:
3284:
3257:
3191:
3050:
3020:
2993:
2966:
2939:
2902:
2866:
2843:
2823:
2803:
2783:
2709:
2683:
2647:
2624:
2580:
2560:
2528:
2499:
2473:
2447:
2415:
2386:
2360:
2340:
2320:
2290:
2232:
2173:
2117:
2108:
in the lottery, we write it as a linear combination:
1979:
1851:
1781:
1711:
1588:
1559:
1519:
1490:
1133:
1057:
1016:
982:
945:
For example, suppose a consumer's consumption set is
904:
862:
724:
688:
662:
636:
610:
584:
558:
538:
518:
485:
4342:
Anatomy of Cobb-Douglas Type
Utility Functions in 3D
3539:
3422:{\displaystyle {\text{Slope}}={\frac {-P(x)}{P(y)}}}
837:
are the conventional foundation of choice theory in
4432:
3431:
2100:is as follows: if options A and B have probability
4273:
4115:
4041:. Berkeley, Calif: University of California Press.
3819:
3633:, Prentice Hall, Financial Times, pp. 13–16,
3421:
3351:
3324:
3297:
3270:
3243:
3122:
3033:
3006:
2979:
2952:
2922:
2878:
2852:
2829:
2809:
2789:
2769:
2695:
2665:
2630:
2610:
2566:
2546:
2511:
2485:
2459:
2433:
2398:
2372:
2346:
2326:
2302:
2261:
2215:
2153:
2069:
1900:
1832:
1750:
1610:
1574:
1541:
1505:
1325:
1083:
1042:
1002:
934:
882:
746:
710:
674:
648:
622:
596:
570:
544:
524:
504:
4352:Simpler Definition with example from Investopedia
3912:Statistical Decision Theory and Bayesian Analysis
1819:
1800:
405:concept, developed by moral philosophers such as
6800:
4158:
3856:"Marginal Utility & its Diminishing Methods"
2522:convexity/continuity (Archimedean property): If
2029:
1988:
965:(1 apple and 1 orange) = 5,
4313:The Psychology of Judgement and Decision Making
3939:. Harmondsworth, Middle-sex, UK: Penguin Books.
3681:Principles of Economics. An introductory volume
1952:, it is indeed proportional to log of income.)
761:indifferent), and that the preference order is
552:is the number of chocolates. Alternative A has
4084:
3527:
5704:
5037:
4418:
1549:, because taking the square is an increasing
362:
4287:. Princeton, NJ: Princeton University Press.
3853:
1901:{\displaystyle MRS={\frac {MU_{1}}{MU_{2}}}}
4347:Anatomy of CES Type Utility Functions in 3D
3449:
2314:completeness: For any two simple lotteries
777:Utility can be represented through sets of
5711:
5697:
5044:
5030:
4425:
4411:
4051:
3972:
3949:
3910:Berger, J. O. (1985). "Utility and Loss".
3826:. Totowa: Rowman and Littlefield. p.
2770:{\displaystyle pL+(1-p)N\preceq pM+(1-p)N}
2080:
1940:in 1738, although the Swiss mathematician
1115:(0, 2) = 4 as before. For
460:to each alternative in such a manner that
369:
355:
4291:
4195:. Cambridge: Cambridge University Press.
4118:Foundations of Rational Choice Under Risk
4062:10.1093/acprof:oso/9780199586073.003.0002
3914:(2nd ed.). Berlin: Springer-Verlag.
3817:
3802:
3784:
3774:
3628:
3478:(all else equal) conditions on which the
2923:{\displaystyle u\colon X\to \mathbb {R} }
2916:
1066:
1043:{\displaystyle x\in \mathbb {R} _{+}^{L}}
1025:
985:
883:{\displaystyle u\colon X\to \mathbb {R} }
876:
4136:
3934:
3722:Lin, Chung-Cheng; Peng, Shi-Shu (2019).
3696:
3678:
3361:
3014:is greater than the expected utility of
821:. Such efficiency is a major concept in
796:
747:{\displaystyle {\sqrt {13\times 13}}=13}
3973:Pilkington, Philip (27 February 2014).
3950:Pilkington, Philip (17 February 2014).
3883:
3760:
3721:
3629:Jehle, Geoffrey; Reny, Philipp (2011),
3490:and could never have been demonstrated
3244:{\displaystyle p_{1}X_{1}+p_{2}X_{2}=Y}
3152:An indirect utility function gives the
2087:Von Neumann–Morgenstern utility theorem
1671:Greenwood–Hercowitz–Huffman preferences
711:{\displaystyle {\sqrt {9\times 16}}=12}
424:objective function; such a function is
6801:
4187:
3909:
3597:
2641:independence: for any three lotteries
2574:between 0 and 1 such that the lottery
2409:transitivity: for any three lotteries
2216:{\displaystyle L=\sum _{i}p_{i}A_{i},}
1551:monotone (or monotonic) transformation
1379:
1084:{\displaystyle X=\mathbb {R} _{+}^{2}}
468:if and only if the individual prefers
5692:
5025:
4406:
4337:Definition of Utility by Investopedia
4310:
4284:Theory of Games and Economic Behavior
4209:
4144:. Huntington, NY: Robert E. Krieger.
4113:
4036:
3995:
3610:, New York: Wiley, pp. 159–167,
3179:
1582:is cardinal, it is not equivalent to
1448:
898:or is indifferent between them, then
4231:
4193:Theory of Decision under Uncertainty
3849:
3847:
3692:
3690:
1003:{\displaystyle \mathbb {R} _{+}^{L}}
16:Concept in economics and game theory
5788:Agent-based computational economics
4122:. Oxford: Oxford University Press.
4045:
4018:from the original on 5 October 2014
3822:Theory of Financial Decision Making
3818:Ingersoll, Jonathan E. Jr. (1987).
3141:
2547:{\displaystyle L\preceq M\preceq N}
1910:
1771:Marginal rate of substitution (MRS)
1762:Law of diminishing marginal utility
1699:
1635:constant elasticity of substitution
479:Suppose James has utility function
447:
13:
5600:Microfoundations of macroeconomics
5051:
4235:(1950). "The Bargaining Problem".
4142:Utility Theory for Decision Making
4107:
3985:from the original on 19 July 2015.
3962:from the original on 13 July 2015.
3683:(8th ed.). London: Macmillan.
1816:
1797:
1739:
1731:
969:(2 apples) = 2 and
464:is assigned a number greater than
14:
6835:
4330:
3844:
3750:– via Wiley Online Library.
3687:
3359:are quantities of the two goods.
1683:Hyperbolic absolute risk aversion
1119:to be a utility function on
682:into the utility function yields
6246:neoclassical–Keynesian synthesis
5673:
5672:
5661:
4217:. Boulder, CO: West-view Press.
3542:
3432:Constrained utility optimisation
2262:{\displaystyle \sum _{i}p_{i}=1}
4078:
4054:Applied Evolutionary Psychology
4030:
3989:
3966:
3943:
3928:
3903:
3877:
1676:King–Plosser–Rebelo preferences
961:(1 orange) = 2,
772:
656:chocolates. Putting the values
426:revealed by a person's behavior
420:context, the term refers to an
4161:Quarterly Journal of Economics
3811:
3754:
3715:
3672:
3647:
3622:
3591:
3413:
3407:
3399:
3393:
3117:
3104:
3095:
3082:
2912:
2761:
2749:
2731:
2719:
2602:
2590:
2145:
2133:
2064:
2061:
2055:
2047:
2038:
2032:
2023:
2020:
2014:
2006:
1997:
1991:
1599:
1592:
1569:
1563:
1530:
1523:
1500:
1494:
1196:
1137:
957:(1 apple) = 1,
929:
923:
914:
908:
872:
604:chocolates; alternative B has
505:{\displaystyle U={\sqrt {xy}}}
253:Utilitarian social choice rule
1:
6182:Critique of political economy
5718:
4902:List of commodities exchanges
4215:Notes on the Theory of Choice
3631:Advanced Microeconomic Theory
3585:
3550:Business and Economics portal
3305:are prices of the two goods,
935:{\displaystyle u(x)\geq u(y)}
828:
3699:Principles Of Microeconomics
3697:Dominick, Salvatore (2008).
3573:Utility maximization problem
3174:diminishing marginal utility
3136:generalized expected utility
1661:Stone–Geary utility function
1398:
1335:Preferences have three main
532:is the number of apples and
7:
5545:Civil engineering economics
5530:Statistical decision theory
5170:Income elasticity of demand
4964:Commodity status of animals
4954:Commodification of the womb
4056:. Oxford University Press.
3535:
3528:Measuring utility functions
2154:{\displaystyle L=pA+(1-p)B}
1917:Expected utility hypothesis
1621:
1421:
1111:(2, 0) = 2,
1107:(1, 1) = 5,
1103:(0, 1) = 2,
1099:(1, 0) = 1,
1095:(0, 0) = 0,
769:transitive and continuous.
10:
6840:
6320:Real business-cycle theory
5180:Price elasticity of supply
5175:Price elasticity of demand
5165:Cross elasticity of demand
5011:List of traded commodities
4362:Utility Model of Marketing
4292:Nicholson, Walter (1978).
3996:Klein, Daniel (May 2014).
3728:Australian Economic Papers
3145:
2879:{\displaystyle L\preceq M}
2696:{\displaystyle L\preceq M}
2512:{\displaystyle L\preceq N}
2486:{\displaystyle M\preceq N}
2460:{\displaystyle L\preceq M}
2399:{\displaystyle M\preceq L}
2373:{\displaystyle L\preceq M}
2303:{\displaystyle B\preceq A}
2084:
1914:
1465:
1461:
1425:
430:preferences over lotteries
428:, and especially by their
18:
6760:
6718:
6360:
6094:
5843:
5808:
5726:
5656:
5623:
5502:
5059:
5006:
4949:Commodification of nature
4931:
4915:
4907:List of futures exchanges
4879:
4844:
4783:
4727:
4720:
4569:
4453:
4444:
4315:. New York: McGraw-Hill.
3679:Marshall, Alfred (1920).
2611:{\displaystyle pL+(1-p)N}
1694:lexicographic preferences
953:(nothing) = 0,
813:, such as illustrated by
5236:Income–consumption curve
4974:Heritage commodification
4959:Commodification of water
4375:12 November 2015 at the
3450:Discussion and criticism
3159:
3154:optimal attainable value
2618:is equally desirable as
2278:expected utility theorem
1611:{\displaystyle u(x)^{2}}
1542:{\displaystyle u(x)^{2}}
21:Utility (disambiguation)
5960:Industrial organization
5783:Computational economics
5570:Industrial organization
4389:30 October 2015 at the
4085:Kirby, Kris N. (2011).
4037:Burke, Kenneth (1932).
3935:Robinson, Joan (1962).
3767:SSRN Electronic Journal
3740:10.1111/1467-8454.12151
3518:evolutionary psychology
2081:Von Neumann–Morgenstern
1479:strength of preferences
1456:social welfare function
807:social welfare function
288:Replaceability argument
273:Demandingness objection
146:Types of utilitarianism
71:Claude Adrien Helvétius
6165:Modern monetary theory
5830:Experimental economics
5800:Pluralism in economics
5773:Mathematical economics
4969:Fictitious commodities
4923:Commodity Exchange Act
3761:Moscati, Ivan (2013).
3423:
3367:
3353:
3326:
3299:
3272:
3245:
3124:
3035:
3008:
2981:
2954:
2924:
2880:
2854:
2831:
2811:
2791:
2771:
2697:
2667:
2632:
2612:
2568:
2548:
2513:
2487:
2461:
2435:
2400:
2374:
2348:
2328:
2304:
2263:
2217:
2155:
2071:
1936:in 1713 and solved by
1932:was first proposed by
1930:St. Petersburg paradox
1902:
1834:
1752:
1656:Homothetic preferences
1612:
1576:
1543:
1507:
1445:Neoclassical economics
1396:
1327:
1085:
1044:
1004:
936:
884:
802:
748:
718:for alternative A and
712:
676:
650:
624:
598:
572:
546:
526:
506:
323:Neoclassical economics
313:Rational choice theory
5540:Engineering economics
5135:Cost–benefit analysis
4294:Micro-economic Theory
4039:Towards a Better Life
3979:Fixing the Economists
3956:Fixing the Economists
3884:Bloomenthal, Andrew.
3424:
3365:
3354:
3352:{\displaystyle X_{2}}
3327:
3325:{\displaystyle X_{1}}
3300:
3298:{\displaystyle p_{2}}
3273:
3271:{\displaystyle p_{1}}
3246:
3125:
3036:
3034:{\displaystyle L_{1}}
3009:
3007:{\displaystyle L_{2}}
2982:
2980:{\displaystyle L_{1}}
2955:
2953:{\displaystyle L_{2}}
2925:
2881:
2855:
2832:
2812:
2792:
2772:
2698:
2668:
2666:{\displaystyle L,M,N}
2633:
2613:
2569:
2549:
2514:
2488:
2462:
2436:
2434:{\displaystyle L,M,N}
2401:
2375:
2349:
2329:
2305:
2264:
2218:
2156:
2072:
1903:
1835:
1753:
1613:
1577:
1544:
1508:
1391:
1328:
1086:
1045:
1005:
937:
885:
800:
749:
713:
677:
651:
625:
599:
573:
547:
527:
507:
278:Mere addition paradox
6039:Social choice theory
5795:Behavioral economics
5778:Complexity economics
5357:Price discrimination
5251:Intertemporal choice
4114:Anand, Paul (1993).
3776:10.2139/ssrn.2296881
3472:who argued that the
3454:Cambridge economist
3373:
3336:
3309:
3282:
3255:
3189:
3048:
3018:
2991:
2964:
2937:
2900:
2864:
2841:
2821:
2801:
2781:
2707:
2681:
2673:and any probability
2645:
2622:
2578:
2558:
2526:
2497:
2471:
2445:
2413:
2384:
2358:
2338:
2318:
2288:
2230:
2171:
2115:
1977:
1849:
1779:
1709:
1586:
1575:{\displaystyle u(x)}
1557:
1517:
1506:{\displaystyle u(x)}
1488:
1131:
1055:
1014:
980:
902:
860:
722:
686:
660:
649:{\displaystyle y=13}
634:
623:{\displaystyle x=13}
608:
597:{\displaystyle y=16}
582:
556:
536:
516:
483:
6123:American (National)
5823:Economic statistics
5668:Business portal
5605:Operations research
5432:Substitution effect
4740:Compressed hydrogen
4491:Frozen orange juice
3937:Economic Philosophy
3558:Happiness economics
2860:then and only then
2282:preference relation
2276:This is termed the
1651:Quasilinear utility
1646:Exponential utility
1380:Revealed preference
1080:
1039:
1010:, and each package
999:
675:{\displaystyle x,y}
571:{\displaystyle x=9}
283:Paradox of hedonism
243:Equal consideration
6819:Concepts in ethics
5246:Indifference curve
5214:Goods and services
5155:Economies of scope
5150:Economies of scale
4671:Pork belly futures
4311:Plous, S. (1993).
4279:Morgenstern, Oskar
4138:Fishburn, Peter C.
4005:Econ Journal Watch
3886:"Marginal Utility"
3608:Decision processes
3579:Utility assessment
3419:
3368:
3349:
3322:
3295:
3268:
3241:
3180:Budget constraints
3120:
3031:
3004:
2977:
2950:
2920:
2876:
2853:{\displaystyle N,}
2850:
2827:
2807:
2787:
2767:
2693:
2663:
2628:
2608:
2564:
2554:, then there is a
2544:
2509:
2483:
2457:
2431:
2396:
2370:
2344:
2324:
2300:
2259:
2242:
2213:
2189:
2151:
2104:and 1 −
2067:
1934:Nicholas Bernoulli
1898:
1830:
1748:
1641:Isoelastic utility
1608:
1572:
1539:
1503:
1323:
1081:
1064:
1040:
1023:
1000:
983:
932:
880:
803:
779:indifference curve
744:
708:
672:
646:
620:
594:
568:
542:
522:
502:
399:objective function
333:Effective altruism
248:Felicific calculus
6796:
6795:
6327:New institutional
5686:
5685:
5648:Political economy
5447:Supply and demand
5327:Pareto efficiency
5019:
5018:
4875:
4874:
4784:Industrial metals
4716:
4715:
4397:and perhaps also
4275:Neumann, John von
4202:978-0-521-74123-1
3640:978-0-273-73191-7
3417:
3379:
3077:
2830:{\displaystyle M}
2810:{\displaystyle N}
2790:{\displaystyle L}
2631:{\displaystyle M}
2567:{\displaystyle p}
2347:{\displaystyle M}
2327:{\displaystyle L}
2233:
2180:
2094:A notation for a
2053:
2012:
1983:
1961:Oskar Morgenstern
1896:
1746:
1666:Gorman polar form
1408:Utility functions
823:welfare economics
811:Pareto efficiency
736:
700:
545:{\displaystyle y}
525:{\displaystyle x}
500:
379:
378:
345:Philosophy portal
328:Population ethics
86:Francis Hutcheson
6831:
6814:Choice modelling
6000:Natural resource
5835:Economic history
5761:Mechanism design
5713:
5706:
5699:
5690:
5689:
5676:
5675:
5666:
5665:
5408:Returns to scale
5266:Market structure
5046:
5039:
5032:
5023:
5022:
4897:Futures exchange
4892:Futures contract
4887:Commodity market
4725:
4724:
4721:Hard commodities
4451:
4450:
4446:Soft commodities
4427:
4420:
4413:
4404:
4403:
4326:
4307:
4288:
4270:
4228:
4206:
4184:
4155:
4133:
4121:
4102:
4101:
4099:
4097:
4082:
4076:
4075:
4049:
4043:
4042:
4034:
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4027:
4025:
4023:
4017:
4002:
3993:
3987:
3986:
3970:
3964:
3963:
3947:
3941:
3940:
3932:
3926:
3925:
3907:
3901:
3900:
3898:
3896:
3881:
3875:
3874:
3860:
3851:
3842:
3841:
3825:
3815:
3809:
3808:
3806:
3788:
3778:
3758:
3752:
3751:
3719:
3713:
3712:
3694:
3685:
3684:
3676:
3670:
3669:
3667:
3665:
3659:Oxford Reference
3651:
3645:
3644:
3626:
3620:
3619:
3600:Coombs, Clyde H.
3595:
3568:Marginal utility
3552:
3547:
3546:
3428:
3426:
3425:
3420:
3418:
3416:
3402:
3385:
3380:
3377:
3358:
3356:
3355:
3350:
3348:
3347:
3331:
3329:
3328:
3323:
3321:
3320:
3304:
3302:
3301:
3296:
3294:
3293:
3277:
3275:
3274:
3269:
3267:
3266:
3250:
3248:
3247:
3242:
3234:
3233:
3224:
3223:
3211:
3210:
3201:
3200:
3148:Indirect utility
3142:Indirect utility
3129:
3127:
3126:
3121:
3116:
3115:
3094:
3093:
3078:
3075:
3073:
3072:
3060:
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3032:
3030:
3029:
3013:
3011:
3010:
3005:
3003:
3002:
2986:
2984:
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2768:
2702:
2700:
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2325:
2309:
2307:
2306:
2301:
2268:
2266:
2265:
2260:
2252:
2251:
2241:
2222:
2220:
2219:
2214:
2209:
2208:
2199:
2198:
2188:
2160:
2158:
2157:
2152:
2076:
2074:
2073:
2068:
2054:
2051:
2013:
2010:
1984:
1981:
1957:John von Neumann
1938:Daniel Bernoulli
1911:Expected utility
1907:
1905:
1904:
1899:
1897:
1895:
1894:
1893:
1880:
1879:
1878:
1865:
1839:
1837:
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1831:
1829:
1828:
1815:
1810:
1809:
1757:
1755:
1754:
1749:
1747:
1745:
1737:
1729:
1724:
1723:
1700:Marginal utility
1617:
1615:
1614:
1609:
1607:
1606:
1581:
1579:
1578:
1573:
1548:
1546:
1545:
1540:
1538:
1537:
1512:
1510:
1509:
1504:
1428:Cardinal utility
1403:
1402:
1332:
1330:
1329:
1324:
1319:
1318:
1291:
1290:
1260:
1259:
1226:
1225:
1195:
1194:
1164:
1163:
1090:
1088:
1087:
1082:
1079:
1074:
1069:
1049:
1047:
1046:
1041:
1038:
1033:
1028:
1009:
1007:
1006:
1001:
998:
993:
988:
941:
939:
938:
933:
889:
887:
886:
881:
879:
855:utility function
753:
751:
750:
745:
737:
726:
717:
715:
714:
709:
701:
690:
681:
679:
678:
673:
655:
653:
652:
647:
629:
627:
626:
621:
603:
601:
600:
595:
577:
575:
574:
569:
551:
549:
548:
543:
531:
529:
528:
523:
511:
509:
508:
503:
501:
493:
454:utility function
448:Utility function
411:John Stuart Mill
371:
364:
357:
238:Consequentialism
118:John Stuart Mill
28:
27:
6839:
6838:
6834:
6833:
6832:
6830:
6829:
6828:
6799:
6798:
6797:
6792:
6789:Business portal
6756:
6755:
6754:
6714:
6478:von Böhm-Bawerk
6366:
6365:
6356:
6128:Ancient thought
6106:
6105:
6099:
6090:
6089:
6088:
5839:
5804:
5756:Contract theory
5741:Decision theory
5722:
5717:
5687:
5682:
5660:
5652:
5619:
5498:
5140:Deadweight loss
5077:Consumer choice
5055:
5050:
5020:
5015:
5002:
4944:Commoditization
4939:Commodification
4927:
4911:
4871:
4845:Precious metals
4840:
4796:Aluminium alloy
4779:
4712:
4573:animal products
4571:
4565:
4440:
4438:commoditization
4431:
4391:Wayback Machine
4377:Wayback Machine
4333:
4323:
4304:
4251:10.2307/1907266
4225:
4211:Kreps, David M.
4203:
4173:10.2307/1891094
4152:
4130:
4110:
4108:Further reading
4105:
4095:
4093:
4091:psycnet.apa.org
4083:
4079:
4072:
4050:
4046:
4035:
4031:
4021:
4019:
4015:
4000:
3994:
3990:
3971:
3967:
3948:
3944:
3933:
3929:
3922:
3908:
3904:
3894:
3892:
3882:
3878:
3858:
3852:
3845:
3838:
3816:
3812:
3759:
3755:
3720:
3716:
3709:
3695:
3688:
3677:
3673:
3663:
3661:
3653:
3652:
3648:
3641:
3627:
3623:
3596:
3592:
3588:
3548:
3541:
3538:
3530:
3475:ceteris paribus
3452:
3434:
3403:
3386:
3384:
3376:
3374:
3371:
3370:
3343:
3339:
3337:
3334:
3333:
3316:
3312:
3310:
3307:
3306:
3289:
3285:
3283:
3280:
3279:
3262:
3258:
3256:
3253:
3252:
3229:
3225:
3219:
3215:
3206:
3202:
3196:
3192:
3190:
3187:
3186:
3182:
3162:
3150:
3144:
3111:
3107:
3089:
3085:
3076: iff
3074:
3068:
3064:
3055:
3051:
3049:
3046:
3045:
3025:
3021:
3019:
3016:
3015:
2998:
2994:
2992:
2989:
2988:
2971:
2967:
2965:
2962:
2961:
2944:
2940:
2938:
2935:
2934:
2915:
2901:
2898:
2897:
2865:
2862:
2861:
2842:
2839:
2838:
2822:
2819:
2818:
2802:
2799:
2798:
2782:
2779:
2778:
2708:
2705:
2704:
2703:if and only if
2682:
2679:
2678:
2646:
2643:
2642:
2623:
2620:
2619:
2579:
2576:
2575:
2559:
2556:
2555:
2527:
2524:
2523:
2498:
2495:
2494:
2472:
2469:
2468:
2446:
2443:
2442:
2414:
2411:
2410:
2385:
2382:
2381:
2359:
2356:
2355:
2339:
2336:
2335:
2319:
2316:
2315:
2289:
2286:
2285:
2247:
2243:
2237:
2231:
2228:
2227:
2204:
2200:
2194:
2190:
2184:
2172:
2169:
2168:
2116:
2113:
2112:
2089:
2083:
2050:
2009:
1980:
1978:
1975:
1974:
1919:
1913:
1889:
1885:
1881:
1874:
1870:
1866:
1864:
1850:
1847:
1846:
1824:
1820:
1811:
1805:
1801:
1780:
1777:
1776:
1773:
1764:
1738:
1730:
1728:
1719:
1715:
1710:
1707:
1706:
1702:
1624:
1602:
1598:
1587:
1584:
1583:
1558:
1555:
1554:
1533:
1529:
1518:
1515:
1514:
1489:
1486:
1485:
1470:
1468:Ordinal utility
1464:
1430:
1424:
1405:
1400:
1399:
1382:
1296:
1292:
1271:
1267:
1237:
1233:
1206:
1202:
1172:
1168:
1144:
1140:
1132:
1129:
1128:
1075:
1070:
1065:
1056:
1053:
1052:
1034:
1029:
1024:
1015:
1012:
1011:
994:
989:
984:
981:
978:
977:
903:
900:
899:
875:
861:
858:
857:
851:consumption set
831:
819:contract curves
815:Edgeworth boxes
775:
725:
723:
720:
719:
689:
687:
684:
683:
661:
658:
657:
635:
632:
631:
609:
606:
605:
583:
580:
579:
557:
554:
553:
537:
534:
533:
517:
514:
513:
492:
484:
481:
480:
450:
375:
339:
338:
337:
307:
299:
298:
297:
293:Utility monster
267:
259:
258:
257:
202:
194:
193:
192:
147:
139:
138:
137:
107:
97:
96:
95:
76:Cesare Beccaria
50:
24:
17:
12:
11:
5:
6837:
6827:
6826:
6824:Value (ethics)
6821:
6816:
6811:
6794:
6793:
6791:
6786:
6781:
6776:
6771:
6766:
6761:
6758:
6757:
6753:
6752:
6747:
6737:
6732:
6726:
6725:
6724:
6722:
6716:
6715:
6713:
6712:
6705:
6700:
6695:
6690:
6685:
6680:
6675:
6670:
6665:
6660:
6655:
6650:
6645:
6640:
6635:
6630:
6625:
6620:
6615:
6610:
6605:
6600:
6595:
6590:
6585:
6580:
6575:
6570:
6565:
6560:
6555:
6550:
6545:
6540:
6535:
6530:
6525:
6520:
6515:
6510:
6505:
6500:
6495:
6490:
6485:
6480:
6475:
6470:
6465:
6460:
6455:
6450:
6445:
6440:
6435:
6430:
6425:
6420:
6415:
6410:
6405:
6400:
6395:
6390:
6385:
6380:
6375:
6369:
6367:
6361:
6358:
6357:
6355:
6354:
6349:
6344:
6339:
6334:
6329:
6324:
6323:
6322:
6312:
6311:
6310:
6300:
6295:
6290:
6289:
6288:
6278:
6273:
6268:
6267:
6266:
6265:
6264:
6254:
6249:
6234:
6229:
6224:
6219:
6214:
6209:
6204:
6199:
6194:
6192:Disequilibrium
6189:
6184:
6179:
6174:
6169:
6168:
6167:
6157:
6152:
6147:
6142:
6141:
6140:
6130:
6125:
6120:
6115:
6109:
6107:
6095:
6092:
6091:
6087:
6086:
6081:
6076:
6071:
6066:
6061:
6056:
6051:
6046:
6041:
6032:
6027:
6022:
6017:
6012:
6007:
6005:Organizational
6002:
5997:
5992:
5987:
5982:
5977:
5972:
5967:
5962:
5957:
5952:
5947:
5942:
5937:
5932:
5927:
5922:
5917:
5912:
5907:
5902:
5897:
5892:
5887:
5882:
5877:
5872:
5867:
5862:
5857:
5851:
5850:
5849:
5847:
5841:
5840:
5838:
5837:
5832:
5827:
5826:
5825:
5814:
5812:
5806:
5805:
5803:
5802:
5797:
5792:
5791:
5790:
5780:
5775:
5770:
5768:Macroeconomics
5765:
5764:
5763:
5758:
5753:
5748:
5743:
5736:Microeconomics
5732:
5730:
5724:
5723:
5716:
5715:
5708:
5701:
5693:
5684:
5683:
5681:
5680:
5670:
5657:
5654:
5653:
5651:
5650:
5645:
5643:Macroeconomics
5640:
5639:
5638:
5627:
5625:
5621:
5620:
5618:
5617:
5612:
5607:
5602:
5597:
5592:
5587:
5582:
5577:
5572:
5567:
5562:
5557:
5552:
5547:
5542:
5537:
5532:
5527:
5522:
5517:
5512:
5506:
5504:
5500:
5499:
5497:
5496:
5491:
5490:
5489:
5484:
5474:
5469:
5468:
5467:
5458:
5444:
5439:
5434:
5429:
5420:
5415:
5410:
5405:
5400:
5395:
5390:
5385:
5380:
5379:
5378:
5373:
5364:
5359:
5354:
5349:
5344:
5342:Price controls
5334:
5329:
5324:
5323:
5322:
5317:
5312:
5307:
5306:
5305:
5300:
5290:
5285:
5284:
5283:
5278:
5263:
5261:Market failure
5258:
5253:
5248:
5243:
5238:
5233:
5228:
5227:
5226:
5221:
5211:
5206:
5201:
5196:
5195:
5194:
5184:
5183:
5182:
5177:
5172:
5167:
5157:
5152:
5147:
5142:
5137:
5132:
5131:
5130:
5125:
5120:
5115:
5114:
5113:
5103:
5098:
5088:
5079:
5074:
5069:
5063:
5061:
5057:
5056:
5053:Microeconomics
5049:
5048:
5041:
5034:
5026:
5017:
5016:
5014:
5013:
5007:
5004:
5003:
5001:
5000:
4991:
4986:
4984:Exchange value
4981:
4979:Economic value
4976:
4971:
4966:
4961:
4956:
4951:
4946:
4941:
4935:
4933:
4929:
4928:
4926:
4925:
4919:
4917:
4913:
4912:
4910:
4909:
4904:
4899:
4894:
4889:
4883:
4881:
4877:
4876:
4873:
4872:
4870:
4869:
4864:
4859:
4854:
4848:
4846:
4842:
4841:
4839:
4838:
4833:
4828:
4823:
4818:
4813:
4808:
4803:
4798:
4793:
4787:
4785:
4781:
4780:
4778:
4777:
4772:
4767:
4762:
4757:
4752:
4747:
4742:
4737:
4731:
4729:
4722:
4718:
4717:
4714:
4713:
4711:
4710:
4705:
4700:
4695:
4690:
4685:
4680:
4675:
4674:
4673:
4663:
4658:
4653:
4648:
4643:
4638:
4633:
4628:
4623:
4618:
4613:
4608:
4603:
4598:
4593:
4588:
4583:
4577:
4575:
4567:
4566:
4564:
4563:
4558:
4553:
4548:
4543:
4538:
4533:
4528:
4523:
4518:
4513:
4508:
4503:
4498:
4493:
4488:
4483:
4481:Cottonseed oil
4478:
4473:
4468:
4463:
4457:
4455:
4448:
4442:
4441:
4430:
4429:
4422:
4415:
4407:
4384:
4383:
4359:
4354:
4349:
4344:
4339:
4332:
4331:External links
4329:
4328:
4327:
4321:
4308:
4302:
4289:
4271:
4245:(2): 155–162.
4229:
4223:
4207:
4201:
4189:Gilboa, Itzhak
4185:
4167:(4): 545–593.
4156:
4150:
4134:
4128:
4109:
4106:
4104:
4103:
4077:
4070:
4044:
4029:
3988:
3965:
3942:
3927:
3920:
3902:
3876:
3843:
3836:
3810:
3753:
3734:(3): 233–246.
3714:
3707:
3686:
3671:
3655:"nonsatiation"
3646:
3639:
3621:
3604:Raiffa, Howard
3589:
3587:
3584:
3583:
3582:
3576:
3570:
3565:
3560:
3554:
3553:
3537:
3534:
3529:
3526:
3505:or a sense of
3451:
3448:
3447:
3446:
3442:
3433:
3430:
3415:
3412:
3409:
3406:
3401:
3398:
3395:
3392:
3389:
3383:
3346:
3342:
3319:
3315:
3292:
3288:
3265:
3261:
3240:
3237:
3232:
3228:
3222:
3218:
3214:
3209:
3205:
3199:
3195:
3181:
3178:
3161:
3158:
3146:Main article:
3143:
3140:
3132:
3131:
3119:
3114:
3110:
3106:
3103:
3100:
3097:
3092:
3088:
3084:
3081:
3071:
3067:
3063:
3058:
3054:
3028:
3024:
3001:
2997:
2974:
2970:
2947:
2943:
2931:
2930:
2918:
2914:
2911:
2908:
2905:
2888:
2887:
2875:
2872:
2869:
2849:
2846:
2826:
2806:
2786:
2766:
2763:
2760:
2757:
2754:
2751:
2748:
2745:
2742:
2739:
2736:
2733:
2730:
2727:
2724:
2721:
2718:
2715:
2712:
2692:
2689:
2686:
2662:
2659:
2656:
2653:
2650:
2639:
2627:
2607:
2604:
2601:
2598:
2595:
2592:
2589:
2586:
2583:
2563:
2543:
2540:
2537:
2534:
2531:
2520:
2508:
2505:
2502:
2482:
2479:
2476:
2456:
2453:
2450:
2430:
2427:
2424:
2421:
2418:
2407:
2395:
2392:
2389:
2369:
2366:
2363:
2343:
2323:
2299:
2296:
2293:
2258:
2255:
2250:
2246:
2240:
2236:
2224:
2223:
2212:
2207:
2203:
2197:
2193:
2187:
2183:
2179:
2176:
2162:
2161:
2150:
2147:
2144:
2141:
2138:
2135:
2132:
2129:
2126:
2123:
2120:
2085:Main article:
2082:
2079:
2078:
2077:
2066:
2063:
2060:
2057:
2049:
2046:
2043:
2040:
2037:
2034:
2031:
2028:
2025:
2022:
2019:
2016:
2008:
2005:
2002:
1999:
1996:
1993:
1990:
1987:
1950:utilitarianism
1942:Gabriel Cramer
1915:Main article:
1912:
1909:
1892:
1888:
1884:
1877:
1873:
1869:
1863:
1860:
1857:
1854:
1827:
1823:
1818:
1814:
1808:
1804:
1799:
1796:
1793:
1790:
1787:
1784:
1772:
1769:
1763:
1760:
1744:
1741:
1736:
1733:
1727:
1722:
1718:
1714:
1701:
1698:
1686:
1685:
1680:
1679:
1678:
1673:
1663:
1658:
1653:
1648:
1643:
1638:
1623:
1620:
1605:
1601:
1597:
1594:
1591:
1571:
1568:
1565:
1562:
1536:
1532:
1528:
1525:
1522:
1502:
1499:
1496:
1493:
1484:If a function
1466:Main article:
1463:
1460:
1426:Main article:
1423:
1420:
1404:
1397:
1387:Paul Samuelson
1381:
1378:
1373:
1372:
1358:
1357:
1350:for all (a,b)
1347:
1346:
1322:
1317:
1314:
1311:
1308:
1305:
1302:
1299:
1295:
1289:
1286:
1283:
1280:
1277:
1274:
1270:
1266:
1263:
1258:
1255:
1252:
1249:
1246:
1243:
1240:
1236:
1232:
1229:
1224:
1221:
1218:
1215:
1212:
1209:
1205:
1201:
1198:
1193:
1190:
1187:
1184:
1181:
1178:
1175:
1171:
1167:
1162:
1159:
1156:
1153:
1150:
1147:
1143:
1139:
1136:
1078:
1073:
1068:
1063:
1060:
1037:
1032:
1027:
1022:
1019:
997:
992:
987:
931:
928:
925:
922:
919:
916:
913:
910:
907:
878:
874:
871:
868:
865:
839:microeconomics
830:
827:
774:
771:
743:
740:
735:
732:
729:
707:
704:
699:
696:
693:
671:
668:
665:
645:
642:
639:
619:
616:
613:
593:
590:
587:
567:
564:
561:
541:
521:
499:
496:
491:
488:
449:
446:
434:
433:
414:
407:Jeremy Bentham
377:
376:
374:
373:
366:
359:
351:
348:
347:
341:
340:
336:
335:
330:
325:
320:
315:
309:
308:
306:Related topics
305:
304:
301:
300:
296:
295:
290:
285:
280:
275:
269:
268:
265:
264:
261:
260:
256:
255:
250:
245:
240:
235:
230:
225:
220:
215:
210:
204:
203:
200:
199:
196:
195:
191:
190:
185:
180:
175:
170:
165:
160:
155:
149:
148:
145:
144:
141:
140:
136:
135:
130:
125:
123:Henry Sidgwick
120:
115:
113:Jeremy Bentham
109:
108:
105:Key proponents
103:
102:
99:
98:
94:
93:
88:
83:
81:William Godwin
78:
73:
68:
63:
58:
52:
51:
48:
47:
44:
43:
41:Utilitarianism
37:
36:
15:
9:
6:
4:
3:
2:
6836:
6825:
6822:
6820:
6817:
6815:
6812:
6810:
6807:
6806:
6804:
6790:
6787:
6785:
6782:
6780:
6777:
6775:
6772:
6770:
6767:
6765:
6762:
6759:
6751:
6748:
6745:
6741:
6738:
6736:
6733:
6731:
6728:
6727:
6723:
6721:
6717:
6711:
6710:
6706:
6704:
6701:
6699:
6696:
6694:
6691:
6689:
6686:
6684:
6681:
6679:
6676:
6674:
6671:
6669:
6666:
6664:
6661:
6659:
6656:
6654:
6651:
6649:
6646:
6644:
6641:
6639:
6636:
6634:
6631:
6629:
6626:
6624:
6621:
6619:
6616:
6614:
6611:
6609:
6606:
6604:
6601:
6599:
6596:
6594:
6591:
6589:
6586:
6584:
6581:
6579:
6576:
6574:
6571:
6569:
6566:
6564:
6561:
6559:
6556:
6554:
6551:
6549:
6546:
6544:
6541:
6539:
6536:
6534:
6531:
6529:
6526:
6524:
6521:
6519:
6516:
6514:
6511:
6509:
6506:
6504:
6501:
6499:
6496:
6494:
6491:
6489:
6486:
6484:
6481:
6479:
6476:
6474:
6471:
6469:
6466:
6464:
6461:
6459:
6456:
6454:
6451:
6449:
6446:
6444:
6441:
6439:
6436:
6434:
6431:
6429:
6426:
6424:
6421:
6419:
6416:
6414:
6411:
6409:
6406:
6404:
6401:
6399:
6396:
6394:
6391:
6389:
6386:
6384:
6381:
6379:
6376:
6374:
6373:de Mandeville
6371:
6370:
6368:
6364:
6359:
6353:
6350:
6348:
6345:
6343:
6340:
6338:
6335:
6333:
6330:
6328:
6325:
6321:
6318:
6317:
6316:
6315:New classical
6313:
6309:
6306:
6305:
6304:
6301:
6299:
6296:
6294:
6291:
6287:
6284:
6283:
6282:
6279:
6277:
6274:
6272:
6271:Malthusianism
6269:
6263:
6260:
6259:
6258:
6255:
6253:
6250:
6247:
6243:
6240:
6239:
6238:
6235:
6233:
6232:Institutional
6230:
6228:
6225:
6223:
6220:
6218:
6215:
6213:
6210:
6208:
6205:
6203:
6200:
6198:
6195:
6193:
6190:
6188:
6185:
6183:
6180:
6178:
6175:
6173:
6170:
6166:
6163:
6162:
6161:
6158:
6156:
6153:
6151:
6148:
6146:
6143:
6139:
6136:
6135:
6134:
6131:
6129:
6126:
6124:
6121:
6119:
6116:
6114:
6111:
6110:
6108:
6103:
6098:
6093:
6085:
6082:
6080:
6077:
6075:
6072:
6070:
6067:
6065:
6062:
6060:
6057:
6055:
6052:
6050:
6047:
6045:
6042:
6040:
6036:
6035:Public choice
6033:
6031:
6028:
6026:
6023:
6021:
6018:
6016:
6013:
6011:
6010:Participation
6008:
6006:
6003:
6001:
5998:
5996:
5993:
5991:
5988:
5986:
5983:
5981:
5978:
5976:
5973:
5971:
5970:Institutional
5968:
5966:
5963:
5961:
5958:
5956:
5953:
5951:
5948:
5946:
5943:
5941:
5938:
5936:
5933:
5931:
5928:
5926:
5923:
5921:
5920:Expeditionary
5918:
5916:
5913:
5911:
5910:Environmental
5908:
5906:
5903:
5901:
5898:
5896:
5893:
5891:
5888:
5886:
5883:
5881:
5878:
5876:
5873:
5871:
5868:
5866:
5863:
5861:
5858:
5856:
5853:
5852:
5848:
5846:
5842:
5836:
5833:
5831:
5828:
5824:
5821:
5820:
5819:
5816:
5815:
5813:
5811:
5807:
5801:
5798:
5796:
5793:
5789:
5786:
5785:
5784:
5781:
5779:
5776:
5774:
5771:
5769:
5766:
5762:
5759:
5757:
5754:
5752:
5749:
5747:
5744:
5742:
5739:
5738:
5737:
5734:
5733:
5731:
5729:
5725:
5721:
5714:
5709:
5707:
5702:
5700:
5695:
5694:
5691:
5679:
5671:
5669:
5664:
5659:
5658:
5655:
5649:
5646:
5644:
5641:
5637:
5634:
5633:
5632:
5629:
5628:
5626:
5622:
5616:
5613:
5611:
5608:
5606:
5603:
5601:
5598:
5596:
5593:
5591:
5588:
5586:
5583:
5581:
5578:
5576:
5575:Institutional
5573:
5571:
5568:
5566:
5563:
5561:
5558:
5556:
5553:
5551:
5548:
5546:
5543:
5541:
5538:
5536:
5533:
5531:
5528:
5526:
5523:
5521:
5520:Computational
5518:
5516:
5513:
5511:
5508:
5507:
5505:
5501:
5495:
5492:
5488:
5485:
5483:
5480:
5479:
5478:
5475:
5473:
5470:
5466:
5465:Law of supply
5462:
5459:
5457:
5456:Law of demand
5453:
5450:
5449:
5448:
5445:
5443:
5442:Social choice
5440:
5438:
5435:
5433:
5430:
5428:
5427:Excess supply
5424:
5421:
5419:
5416:
5414:
5413:Risk aversion
5411:
5409:
5406:
5404:
5401:
5399:
5396:
5394:
5391:
5389:
5386:
5384:
5381:
5377:
5374:
5372:
5368:
5365:
5363:
5360:
5358:
5355:
5353:
5350:
5348:
5347:Price ceiling
5345:
5343:
5340:
5339:
5338:
5335:
5333:
5330:
5328:
5325:
5321:
5318:
5316:
5313:
5311:
5308:
5304:
5303:Complementary
5301:
5299:
5296:
5295:
5294:
5291:
5289:
5286:
5282:
5279:
5277:
5274:
5273:
5272:
5269:
5268:
5267:
5264:
5262:
5259:
5257:
5254:
5252:
5249:
5247:
5244:
5242:
5239:
5237:
5234:
5232:
5229:
5225:
5222:
5220:
5217:
5216:
5215:
5212:
5210:
5207:
5205:
5202:
5200:
5197:
5193:
5190:
5189:
5188:
5185:
5181:
5178:
5176:
5173:
5171:
5168:
5166:
5163:
5162:
5161:
5158:
5156:
5153:
5151:
5148:
5146:
5143:
5141:
5138:
5136:
5133:
5129:
5126:
5124:
5121:
5119:
5116:
5112:
5109:
5108:
5107:
5104:
5102:
5099:
5097:
5094:
5093:
5092:
5089:
5087:
5086:non-convexity
5083:
5080:
5078:
5075:
5073:
5070:
5068:
5065:
5064:
5062:
5058:
5054:
5047:
5042:
5040:
5035:
5033:
5028:
5027:
5024:
5012:
5009:
5008:
5005:
4999:
4995:
4992:
4990:
4987:
4985:
4982:
4980:
4977:
4975:
4972:
4970:
4967:
4965:
4962:
4960:
4957:
4955:
4952:
4950:
4947:
4945:
4942:
4940:
4937:
4936:
4934:
4932:Miscellaneous
4930:
4924:
4921:
4920:
4918:
4914:
4908:
4905:
4903:
4900:
4898:
4895:
4893:
4890:
4888:
4885:
4884:
4882:
4880:Organizations
4878:
4868:
4865:
4863:
4860:
4858:
4855:
4853:
4850:
4849:
4847:
4843:
4837:
4834:
4832:
4829:
4827:
4824:
4822:
4819:
4817:
4814:
4812:
4809:
4807:
4804:
4802:
4799:
4797:
4794:
4792:
4789:
4788:
4786:
4782:
4776:
4773:
4771:
4768:
4766:
4763:
4761:
4758:
4756:
4753:
4751:
4748:
4746:
4743:
4741:
4738:
4736:
4733:
4732:
4730:
4726:
4723:
4719:
4709:
4706:
4704:
4701:
4699:
4696:
4694:
4691:
4689:
4686:
4684:
4681:
4679:
4676:
4672:
4669:
4668:
4667:
4664:
4662:
4659:
4657:
4654:
4652:
4649:
4647:
4644:
4642:
4639:
4637:
4634:
4632:
4629:
4627:
4624:
4622:
4619:
4617:
4614:
4612:
4611:Feeder cattle
4609:
4607:
4604:
4602:
4599:
4597:
4594:
4592:
4589:
4587:
4584:
4582:
4579:
4578:
4576:
4574:
4570:Animals &
4568:
4562:
4559:
4557:
4554:
4552:
4549:
4547:
4544:
4542:
4539:
4537:
4534:
4532:
4529:
4527:
4524:
4522:
4519:
4517:
4514:
4512:
4509:
4507:
4504:
4502:
4499:
4497:
4494:
4492:
4489:
4487:
4484:
4482:
4479:
4477:
4474:
4472:
4469:
4467:
4464:
4462:
4459:
4458:
4456:
4452:
4449:
4447:
4443:
4439:
4435:
4428:
4423:
4421:
4416:
4414:
4409:
4408:
4405:
4401:
4400:
4396:
4392:
4388:
4382:
4378:
4374:
4371:
4367:
4363:
4360:
4358:
4355:
4353:
4350:
4348:
4345:
4343:
4340:
4338:
4335:
4334:
4324:
4322:0-07-050477-6
4318:
4314:
4309:
4305:
4303:0-03-020831-9
4299:
4295:
4290:
4286:
4285:
4280:
4276:
4272:
4268:
4264:
4260:
4256:
4252:
4248:
4244:
4240:
4239:
4234:
4233:Nash, John F.
4230:
4226:
4224:0-8133-7553-3
4220:
4216:
4212:
4208:
4204:
4198:
4194:
4190:
4186:
4182:
4178:
4174:
4170:
4166:
4162:
4157:
4153:
4151:0-88275-736-9
4147:
4143:
4139:
4135:
4131:
4129:0-19-823303-5
4125:
4120:
4119:
4112:
4111:
4092:
4088:
4081:
4073:
4071:9780191731358
4067:
4063:
4059:
4055:
4048:
4040:
4033:
4014:
4011:(2): 97–105.
4010:
4006:
3999:
3992:
3984:
3980:
3976:
3969:
3961:
3957:
3953:
3946:
3938:
3931:
3923:
3921:3-540-96098-8
3917:
3913:
3906:
3891:
3887:
3880:
3872:
3868:
3864:
3857:
3850:
3848:
3839:
3837:0-8476-7359-6
3833:
3829:
3824:
3823:
3814:
3805:
3800:
3796:
3792:
3787:
3782:
3777:
3772:
3768:
3764:
3757:
3749:
3745:
3741:
3737:
3733:
3729:
3725:
3718:
3710:
3708:9780198062301
3704:
3700:
3693:
3691:
3682:
3675:
3660:
3656:
3650:
3642:
3636:
3632:
3625:
3617:
3613:
3609:
3605:
3601:
3594:
3590:
3580:
3577:
3574:
3571:
3569:
3566:
3564:
3563:Law of demand
3561:
3559:
3556:
3555:
3551:
3545:
3540:
3533:
3525:
3523:
3519:
3514:
3512:
3508:
3504:
3500:
3495:
3493:
3489:
3485:
3481:
3477:
3476:
3471:
3466:
3461:
3457:
3456:Joan Robinson
3443:
3439:
3438:
3437:
3429:
3410:
3404:
3396:
3390:
3387:
3381:
3364:
3360:
3344:
3340:
3317:
3313:
3290:
3286:
3263:
3259:
3238:
3235:
3230:
3226:
3220:
3216:
3212:
3207:
3203:
3197:
3193:
3177:
3175:
3171:
3167:
3157:
3155:
3149:
3139:
3137:
3112:
3108:
3101:
3098:
3090:
3086:
3079:
3069:
3065:
3061:
3056:
3052:
3044:
3043:
3042:
3026:
3022:
2999:
2995:
2972:
2968:
2960:to a lottery
2945:
2941:
2909:
2906:
2903:
2896:
2895:
2894:
2891:
2873:
2870:
2867:
2847:
2844:
2824:
2804:
2784:
2764:
2758:
2755:
2752:
2746:
2743:
2740:
2737:
2734:
2728:
2725:
2722:
2716:
2713:
2710:
2690:
2687:
2684:
2676:
2660:
2657:
2654:
2651:
2648:
2640:
2625:
2605:
2599:
2596:
2593:
2587:
2584:
2581:
2561:
2541:
2538:
2535:
2532:
2529:
2521:
2506:
2503:
2500:
2480:
2477:
2474:
2454:
2451:
2448:
2428:
2425:
2422:
2419:
2416:
2408:
2393:
2390:
2387:
2367:
2364:
2361:
2341:
2321:
2313:
2312:
2311:
2297:
2294:
2291:
2283:
2279:
2274:
2270:
2256:
2253:
2248:
2244:
2238:
2234:
2210:
2205:
2201:
2195:
2191:
2185:
2181:
2177:
2174:
2167:
2166:
2165:
2148:
2142:
2139:
2136:
2130:
2127:
2124:
2121:
2118:
2111:
2110:
2109:
2107:
2103:
2099:
2098:
2092:
2088:
2058:
2044:
2041:
2035:
2026:
2017:
2003:
2000:
1994:
1985:
1973:
1972:
1971:
1968:
1966:
1962:
1958:
1953:
1951:
1947:
1946:risk aversion
1943:
1939:
1935:
1931:
1926:
1924:
1918:
1908:
1890:
1886:
1882:
1875:
1871:
1867:
1861:
1858:
1855:
1852:
1844:
1841:
1825:
1821:
1812:
1806:
1802:
1794:
1791:
1788:
1785:
1782:
1768:
1759:
1742:
1734:
1725:
1720:
1716:
1712:
1697:
1695:
1691:
1690:well-behaved.
1684:
1681:
1677:
1674:
1672:
1669:
1668:
1667:
1664:
1662:
1659:
1657:
1654:
1652:
1649:
1647:
1644:
1642:
1639:
1636:
1632:
1629:
1628:
1627:
1619:
1603:
1595:
1589:
1566:
1560:
1552:
1534:
1526:
1520:
1497:
1491:
1482:
1480:
1474:
1469:
1459:
1457:
1452:
1450:
1446:
1442:
1438:
1434:
1429:
1419:
1417:
1413:
1409:
1395:
1390:
1388:
1377:
1371:
1367:
1366:Non-Satiation
1364:
1363:
1362:
1356:
1353:
1352:
1351:
1345:
1342:
1341:
1340:
1338:
1333:
1320:
1315:
1312:
1309:
1306:
1303:
1300:
1297:
1293:
1287:
1284:
1281:
1278:
1275:
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869:
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848:
844:
840:
836:
826:
824:
820:
816:
812:
808:
799:
795:
791:
789:
788:demand curves
784:
780:
770:
766:
764:
759:
758:Gérard Debreu
755:
741:
738:
733:
730:
727:
705:
702:
697:
694:
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669:
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663:
643:
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611:
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497:
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475:
474:alternative b
471:
470:alternative a
467:
466:alternative b
463:
462:alternative a
459:
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106:
101:
100:
92:
91:William Paley
89:
87:
84:
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79:
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72:
69:
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64:
62:
59:
57:
54:
53:
46:
45:
42:
39:
38:
34:
30:
29:
26:
22:
6784:Publications
6740:Publications
6707:
6303:Neoclassical
6293:Mercantilism
6202:Evolutionary
6064:Sociological
6037: /
5935:Geographical
5915:Evolutionary
5890:Digitization
5855:Agricultural
5818:Econometrics
5746:Price theory
5610:Optimization
5595:Mathematical
5555:Experimental
5550:Evolutionary
5535:Econometrics
5476:
5393:Public goods
5367:Price system
5362:Price signal
5276:Monopolistic
5145:Distribution
5060:Major topics
4997:
4666:Pork bellies
4661:Pet industry
4385:
4312:
4293:
4283:
4242:
4238:Econometrica
4236:
4214:
4192:
4164:
4160:
4141:
4117:
4094:. Retrieved
4090:
4080:
4053:
4047:
4038:
4032:
4020:. Retrieved
4008:
4004:
3991:
3978:
3968:
3955:
3945:
3936:
3930:
3911:
3905:
3893:. Retrieved
3890:Investopedia
3889:
3879:
3862:
3821:
3813:
3786:10419/149700
3766:
3756:
3731:
3727:
3717:
3698:
3680:
3674:
3662:. Retrieved
3658:
3649:
3630:
3624:
3607:
3593:
3531:
3515:
3496:
3473:
3453:
3435:
3369:
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3163:
3151:
3133:
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2889:
2674:
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2271:
2225:
2163:
2105:
2101:
2095:
2093:
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1969:
1954:
1927:
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1920:
1845:
1842:
1774:
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1703:
1689:
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1634:
1625:
1483:
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1471:
1453:
1443:
1439:
1435:
1431:
1415:
1411:
1407:
1406:
1392:
1383:
1374:
1370:Monotonicity
1369:
1365:
1359:
1355:Transitivity
1354:
1348:
1344:Completeness
1343:
1336:
1334:
1124:
1120:
1116:
1112:
1108:
1104:
1100:
1096:
1092:
975:
970:
966:
962:
958:
954:
950:
946:
944:
895:
891:
854:
850:
846:
832:
804:
792:
783:level curves
781:, which are
776:
773:Applications
767:
756:
478:
473:
469:
465:
461:
453:
451:
435:
421:
386:
380:
222:
201:Key concepts
133:Peter Singer
49:Predecessors
25:
6578:von Neumann
6347:Supply-side
6332:Physiocracy
6276:Marginalism
5965:Information
5905:Engineering
5885:Development
5880:Demographic
5751:Game theory
5728:Theoretical
5560:Game theory
5525:Development
5472:Uncertainty
5352:Price floor
5332:Preferences
5271:Competition
5241:Information
5204:Externality
5187:Equilibrium
5128:Transaction
5106:Opportunity
5067:Aggregation
4760:Natural gas
4755:Heating oil
4631:Hide (skin)
4621:Live cattle
4546:Soybean oil
4434:Commodities
4022:15 November
3998:"Professor"
3492:empirically
3488:ontological
3480:marginalist
3470:Hans Albert
3460:commodities
1965:game theory
835:preferences
630:apples and
578:apples and
458:real number
418:descriptive
403:utilitarian
318:Game theory
6803:Categories
6735:Economists
6608:Schumacher
6513:Schumpeter
6483:von Wieser
6403:von Thünen
6363:Economists
6262:Circuitism
6227:Humanistic
6222:Historical
6197:Ecological
6187:Democratic
6160:Chartalism
6150:Behavioral
6113:Mainstream
6074:Statistics
6069:Solidarity
5990:Managerial
5955:Humanistic
5950:Historical
5895:Ecological
5860:Behavioral
5590:Managerial
5510:Behavioral
5383:Production
5320:Oligopsony
5160:Elasticity
5072:Budget set
4816:Molybdenum
4511:Peanut oil
4395:Possession
4096:31 October
3586:References
1337:properties
829:Preference
763:transitive
512:such that
438:economists
233:Eudaimonia
183:Preference
128:R. M. Hare
66:David Hume
61:Shantideva
6653:Greenspan
6618:Samuelson
6598:Galbraith
6568:Tinbergen
6508:von Mises
6503:Heckscher
6463:Edgeworth
6342:Stockholm
6337:Socialist
6237:Keynesian
6217:Happiness
6177:Classical
6138:Mutualism
6133:Anarchist
6118:Heterodox
6015:Personnel
5975:Knowledge
5940:Happiness
5930:Financial
5900:Education
5875:Democracy
5810:Empirical
5720:Economics
5631:Economics
5503:Subfields
5398:Rationing
5315:Oligopoly
5310:Monopsony
5298:Bilateral
5231:Household
5082:Convexity
4994:Use value
4857:Palladium
4791:Aluminium
4745:Crude oil
4708:Wool tops
4698:Whalebone
4581:Ambergris
4501:Olive oil
4267:153422092
3871:2618-1118
3865:: 36–47.
3795:1556-5068
3748:159308055
3484:tautology
3441:products.
3388:−
3099:≤
3062:⪯
2913:→
2907::
2871:⪯
2756:−
2738:⪯
2726:−
2688:⪯
2597:−
2539:⪯
2533:⪯
2504:⪯
2478:⪯
2452:⪯
2391:⪯
2365:⪯
2354:, either
2295:⪯
2235:∑
2182:∑
2140:−
2042:⋅
2001:⋅
1795:−
1740:∂
1732:∂
1401:Functions
1021:∈
918:≥
873:→
867::
731:×
695:×
442:ethicists
395:normative
383:economics
228:Happiness
213:Suffering
188:Classical
168:Two-level
6764:Category
6744:journals
6730:Glossary
6683:Stiglitz
6648:Rothbard
6628:Buchanan
6613:Friedman
6603:Koopmans
6593:Leontief
6573:Robinson
6458:Marshall
6308:Lausanne
6212:Georgism
6207:Feminist
6155:Buddhist
6145:Austrian
6044:Regional
6020:Planning
5995:Monetary
5925:Feminist
5870:Cultural
5865:Business
5678:Category
5624:See also
5515:Business
5487:Marginal
5482:Expected
5423:Shortage
5418:Scarcity
5293:Monopoly
5199:Exchange
5111:Implicit
5101:Marginal
4862:Platinum
4616:Lean Hog
4606:Feathers
4596:Cashmere
4521:Rapeseed
4516:Potatoes
4506:Palm oil
4486:Flaxseed
4387:Archived
4373:Archived
4281:(1944).
4213:(1988).
4191:(2009).
4140:(1970).
4013:Archived
3983:Archived
3960:Archived
3895:25 April
3804:55651414
3606:(eds.),
3536:See also
3465:testable
3366:Figure 2
3251:, where
1622:Examples
1422:Cardinal
1412:cardinal
843:function
801:Figure 1
422:apparent
266:Problems
218:Pleasure
153:Negative
33:a series
31:Part of
6809:Utility
6779:Outline
6750:Schools
6742: (
6703:Piketty
6698:Krugman
6563:Kuznets
6553:Kalecki
6528:Polanyi
6418:Cournot
6413:Bastiat
6398:Ricardo
6388:Malthus
6378:Quesnay
6281:Marxian
6172:Chicago
6102:history
6097:Schools
6084:Welfare
6054:Service
5845:Applied
5636:Applied
5615:Welfare
5477:Utility
5437:Surplus
5376:Pricing
5288:Duopoly
5281:Perfect
5224:Service
5192:General
5096:Average
4998:utility
4775:Uranium
4770:Thorium
4765:Propane
4750:Ethanol
4688:Sponges
4586:Bristle
4541:Soybean
4454:General
4259:1907266
4181:1891094
3664:18 July
3522:fitness
3511:organon
3503:beliefs
3170:concave
3166:bounded
2493:, then
2097:lottery
1462:Ordinal
1416:ordinal
849:be the
845:. Let
387:utility
223:Utility
178:Average
6688:Thaler
6668:Ostrom
6663:Becker
6658:Sowell
6638:Baumol
6543:Myrdal
6538:Sraffa
6533:Frisch
6523:Knight
6518:Keynes
6493:Fisher
6488:Veblen
6473:Pareto
6453:Menger
6448:George
6443:Jevons
6438:Walras
6428:Gossen
6352:Thermo
6030:Public
6025:Policy
5980:Labour
5945:Health
5461:Supply
5452:Demand
5388:Profit
5256:Market
5118:Social
4867:Silver
4821:Nickel
4806:Copper
4801:Cobalt
4728:Energy
4693:Tallow
4636:Horses
4591:Butter
4536:Rubber
4476:Cotton
4471:Coffee
4461:Barley
4319:
4300:
4277:&
4265:
4257:
4221:
4199:
4179:
4148:
4126:
4068:
3918:
3869:
3834:
3801:
3793:
3746:
3705:
3637:
3616:639321
3614:
2226:where
833:While
6774:Lists
6769:Index
6720:Lists
6693:Hoppe
6678:Lucas
6643:Solow
6633:Arrow
6623:Simon
6588:Lange
6583:Hicks
6558:Röpke
6548:Hayek
6498:Pigou
6468:Clark
6383:Smith
6298:Mixed
6257:Post-
6079:Urban
6059:Socio
6049:Rural
5580:Labor
5565:Green
5337:Price
5219:Goods
5209:Firms
4989:Price
4826:Steel
4678:Sheep
4641:Ivory
4626:Goats
4601:Civet
4561:Wheat
4551:Sugar
4466:Cocoa
4370:Place
4263:S2CID
4255:JSTOR
4177:JSTOR
4016:(PDF)
4001:(PDF)
3867:eISSN
3859:(PDF)
3799:S2CID
3744:S2CID
3499:wants
3378:Slope
3160:Money
2441:, if
2052:Value
2011:Value
1923:risky
1449:below
416:In a
393:In a
173:Total
6709:more
6433:Marx
6423:Mill
6408:List
6286:Neo-
6242:Neo-
5494:Wage
5403:Rent
5371:Free
5123:Sunk
5091:Cost
5084:and
4916:Laws
4852:Gold
4836:Zinc
4811:Lead
4735:Coal
4703:Wool
4683:Silk
4656:Musk
4651:Milk
4646:Lard
4526:Rice
4436:and
4399:Task
4381:Time
4366:Form
4317:ISBN
4298:ISBN
4219:ISBN
4197:ISBN
4146:ISBN
4124:ISBN
4098:2023
4066:ISBN
4024:2014
3916:ISBN
3897:2021
3832:ISBN
3791:ISSN
3703:ISBN
3666:2024
3635:ISBN
3612:OCLC
3507:duty
3332:and
3278:and
2837:and
2797:and
2467:and
2334:and
1959:and
1928:The
1091:and
440:and
409:and
208:Pain
158:Rule
56:Mozi
6673:Sen
6393:Say
6252:New
5985:Law
5585:Law
4831:Tin
4556:Tea
4531:Rye
4496:Oat
4247:doi
4169:doi
4058:doi
3781:hdl
3771:doi
3736:doi
3516:An
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2380:or
1631:CES
1451:).
1414:or
1368:or
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540:y
520:x
498:y
495:x
490:=
487:U
432:.
413:.
370:e
363:t
356:v
23:.
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