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What is Ordinal Utility and Consumer Choice Theory about?

The Theory of Consumer Choice, developed by J.R. Hicks and R.G.D. Allen in 1934, is based on the ordinal utility concept, which posits that utility cannot be measured numerically but can be ranked in order of preference. Key assumptions include rationality, transitivity, consistency, non-satiety, and diminishing marginal rate of substitution, leading to the formation of indifference curves that represent combinations of goods yielding the same satisfaction. The theory emphasizes that as consumers substitute

Author

Pearl

Language

EN