ophelimity
Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License
- noun Economic satisfaction.
- noun The ability to please another.
from The Century Dictionary and Cyclopedia
- noun In political economics, a term suggested by Professor V. Pareto as a substitute for ‘utility,’ as used in political economy.
Examples
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Unfortunately, even “ophelimity,” the term coined by Vilfredo Pareto to cleanse the terminology of any vernacular overtones, did not prevail.
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Today the notion of an ordinal utility dominates consumer theory, the central problem of which is how to derive an ophelimity function from directly observable budget data.
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To this transparent definition, Samuelson added only an equally transparent axiom: If a budget reveals that the basket A is preferred to B, no budget can reveal that B is preferred to A. Samuelson claimed that this axiom alone suffices for deriving by integration the indifference varieties and hence for constructing an ophelimity function.
Note
The word 'ophelimity' was coined by Pareto and comes from a Greek word meaning 'useful'.
