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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/154746


    Title: Mathematical proof of the ordinal marginal preference theory under the fixed exchange conditions
    Authors: 曾正男
    Tzeng, Jengnan;Peng, Shi-Shu
    Contributors: 應數系
    Keywords: Preference;axiom;ordinal total utility;ordinal marginal utility;exchange
    Date: 2024-11
    Issue Date: 2024-12-12 09:27:45 (UTC+8)
    Abstract: The model in which an individual maximizes the ordinal or cardinal total utility subject to her budget constraint has long been the paradigm of individual choice theory in economics. The ordinal total utility theory has the advantage of utility immeasurability but the disadvantage of being inconsistent with common sense such as the principle of diminishing marginal utility. The cardinal total utility theory is consistent with the aforementioned common sense but suffers from the problem of utility measurability. Lin and Peng [A rehabilitation of the law of diminishing marginal utility: An ordinal marginal utility approach, The B.E Journal of Theoretical Economics22(2) (2022) 453–481] developed the ordinal marginal utility (OMU) theory aiming to solve the above dilemma between the two theories. This paper provides a complete formal axiomatic proof for this new theory by offering the related mathematical definitions, axioms, and their derived properties. We prove that the marginal utility function of a bundle of objects can be derived from the ordinal marginal preference between two bundles of objects, and that this function exists, is continuous, and can keep the property of diminishing marginal utility.
    Relation: New Mathematics and Natural Computation
    Data Type: article
    DOI link: https://doi.org/10.1142/S1793005726500225
    DOI: 10.1142/S1793005726500225
    Appears in Collections:[Department of Mathematical Sciences] Periodical Articles

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