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Don't know if anyone is going to read this, but I was reading about ordinal vs. cardinal utility, which are interesting because they seem to correspond to Ranke
by jivatmanx 14y ago
Don't know if anyone is going to read this, but I was reading about ordinal vs. cardinal utility, which are interesting because they seem to correspond to Ranked Choice vs. Approval voting, with the various voting systems simply being a different algorithm of calculating the winner from these.
Anyway, apparently, with "Inter-temporal choice", or, different utility of the same thing measured in different time periods, Cardinal Utility needs to be used.
I wonder if the same applies to grouping utility of different people together in order to get an aggregate. If so, it's an argument for the use of Approval/Score voting as opposed to Ranked choice.
The quote is "Models of utility with several periods, in which people discount future values of utility, need to employ cardinalism in order to have well-behaved utility functions." an appears in the cardinal utility article.