ordinal
(adjective)
Of a number, indicating position in a sequence.
Examples of ordinal in the following topics:
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Defining Utility
- An example of a statement reflecting ordinal utility is that "I would rather read than watch television. " Generally, ordinal utility is the preferred method for gauging utility.
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Organizations and Agents
- Their existence implies that methods of co-ordination alternative to the market, which are themselves costly and in various ways imperfect, may nonetheless be preferable to relying on the pricing mechanism (market?
- Author's question), the only method of co-ordination normally analyzed by economists.
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Economic Way of Thinking
- Vilfredo Pareto, Francis Ysidro Edgeworth [1845-1926] and Henry Sidgwick [1838-1900] were all instrumental in developing the idea of indifference functions that allows the use of ordinal concepts of utility.