ordinal utility

Definitions

Economics

  • noun the measurement of the satisfaction which a consumer gets from a good or service, seen in comparison with another measurement. It is opposed to cardinal utility which assumes that the satisfaction can be accurately measured on its own.

Health Economics

  • (written as Ordinal Utility)
    A numerical indicator of preference or predictor of choice whose particular characteristic is that the entities amongst which one may choose are simply placed in order: those that are 'more preferred' receiving a higher number. A 'strong' order is one that does not allow ties; otherwise the order is 'weak'.
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