Question

The concept of ordinal utility is used in economics
by
Keynes
Hicks
Pigou
Karlmarx​

Answer 1

Explanation:

In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is.

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Answer 2

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In 1906 Vilfredo Pareto in 1906 concentrated on an indifference curve map. This placed preferences on bundles of goods but did not attempt to say how much. John Hicks and Roy Allen in 1934 first produced a paper which mentioned ordinal utility.

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