who gave the ordinal theory of utility
Answers (2)
2nd Feb, 2025
The ordinal theory of utility was introduced by economists John Hicks and R.G.D. Allen. This theory replaced the cardinal approach and emphasized consumer preferences using indifference curves rather than measuring utility in numerical terms. It is a fundamental concept in modern microeconomics.
Comments (0)
2nd Feb, 2025
Hello aspirant,
In 1934, British economists Hicks and Allen worked together to create the theory of ordinal utility. According to the notion, when a consumer makes a logical choice when buying a good, they derive utility as either high or low. The idea of indifference curve analysis was created by this ordinal utility method.
Thank you
Hope it helps you
Comments (0)
Related Questions
Trending Articles/News
.jpg)
