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On Ordinal Utility, Cardinal Utility and Random Utility

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  • Richard Batley

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  • 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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    References listed on IDEAS

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    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(2), pages 132-132.
    3. John K. Dagsvik & Anders Karlström, 2005. "Compensating Variation and Hicksian Choice Probabilities in Random Utility Models that are Nonlinear in Income," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(1), pages 57-76.
    4. John K. Dagsvik, 2001. "Compensated Variation in Random Utility Models," Discussion Papers 299, Statistics Norway, Research Department.
    5. Daniel L. McFadden, 1976. "Quantal Choice Analysis: A Survey," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 363-390, National Bureau of Economic Research, Inc.
    6. 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. Ryan Webb, 2019. "The (Neural) Dynamics of Stochastic Choice," Management Science, INFORMS, vol. 65(1), pages 230-255, January.
    2. Ibrahim Niankara & Muhammad Noor Al adwan & Aminata Niankara, 2020. "The Role of Digital Media in Shaping Youth Planetary Health Interests in the Global Economy," JOItmC, MDPI, vol. 6(3), pages 1-26, July.
    3. 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.
    4. 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.
    5. Francisco Amador & Elisabetta Cherchi, 2011. "Econometric Effects of Utility Order-Preserving Transformations in Discrete Choice Models," Networks and Spatial Economics, Springer, vol. 11(3), pages 419-438, September.
    6. Jérôme Massiani, 2024. "Lost in Taxation," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 10(1), pages 81-124, March.
    7. Guzman, Luis A. & Cantillo-Garcia, Victor A. & Oviedo, Daniel & Arellana, Julian, 2023. "How much is accessibility worth? Utility-based accessibility to evaluate transport policies," Journal of Transport Geography, Elsevier, vol. 112(C).
    8. Collewet, Marion & Koster, Paul, 2023. "Preference estimation from point allocation experiments," Journal of choice modelling, Elsevier, vol. 48(C).

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    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;
    All these keywords.

    JEL classification:

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

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