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Difference between ordinal and cardinal approach

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Difference between ordinal and cardinal approach

    • Posted by Kunal Deshmukh 8 years, 1 month ago

    CBSE > Class 12 > Economics
    • 1 answers

    Amar Kumar 8 years, 1 month ago

    1.  Cardinal utility is the utility wherein the satisfaction derived by the consumers from the consumption of good or service can be measured numerically. Ordinal utility states that the satisfaction which a consumer derives from the consumption of product or service cannot be measured numerically.
    2. Cardinal utility measures the utility objectively, whereas there is a subjective measurement of ordinal utility.
    3. Cardinal utility is less realistic, as quantitative measurement of utility is not possible. On the other end, the ordinal utility is more realistic as it relies on qualitative measurement.
    4. Cardinal utility, is based on marginal utility analysis. As against this, the concept of ordinal utility is based on indifference curve analysis.
    5. The cardinal utility is measured in terms of utils, i.e. units of utility. On the contrary, the ordinal utility is measured in terms of ranking of preferences of a commodity when compared to each other.
    6. Cardinal utility approach propounded by Alfred Marshall and his followers. Conversely, ordinal utility approach pioneered by Hicks and Allen.

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