What's the difference between a preference ordering and a utility function?
A) They are the same.
B) A utility function is a numerical scale that represents an individual's preference ordering.

Question

Quizplus · Accepted Answer

A preference ordering is a way of ranking preferences, while a utility function assigns numerical values to preferences. Therefore, a utility function provides more information and precision in determining the best choice.

What's the Difference Between a Preference Ordering and a Utility