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Ordinalists and marginal utility
 Huněk, Lukáš ; Hudík, Marek (advisor) ; Holman, Robert (referee)
The aim of this thesis is to determine the extent of possible compatibility of the theory of marginal utility and ordinalism. Furthermore, it offers potential solutions of how to reach this compatibility. The theory of marginal utility is traditionally based on the law of diminishing marginal utility, which is defined through the sign of the second partial derivative of utility function. Because of the fact that this sign is not defined for all positive monotonic transformations, the theory cannot be ordinalist. However, there are certain scientific works which attempt to rework the theory of marginal utility based on ordinalist principles. This thesis examines and compares the works of M. Rothbard, H. Bernardelli, J. McCulloch and D. Maystone on the basis of the analysis of the ordinalist theory of utility as presented by J. Hicks and R. Allen. The theories of H. Bernardelli and J. McCulloch will be proved to fulfil all the conditions and thus to provide a method of reconciling the theory of marginal utility and ordinalism. Based on the analysis of the criticism of the ordinalist theory of utility it will be thereafter shown that it is their findings that could form the foundation of a new consumer theory.
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