The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.
In 1934 John Hicks and Roy Allen produced the first paper which declared ordinal utility
Answers & Comments
The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.
In 1934 John Hicks and Roy Allen produced the first paper which declared ordinal utility