Intensity of preference
Encyclopedia
"Intensity of preference" is a term popularized by the work of the economist Kenneth Arrow
, who was a co-recipient of the 1972 Nobel Memorial Prize in Economics. This term is used in reference to models for aggregating ordinal rankings.
This term is used in economics
, politics
, marketing
, management science and other areas in which methods to derive the consensus ranking are developed.
In an analysis of voting, for example, the intensity of preference is a measure of an individual voter's (or group of voters') willingness to incur the costs or inconvenience of the act of officially registering a preferential choice at the time and place required, not the vote itself.
Kenneth Arrow
Kenneth Joseph Arrow is an American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51....
, who was a co-recipient of the 1972 Nobel Memorial Prize in Economics. This term is used in reference to models for aggregating ordinal rankings.
This term is used in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, politics
Politics
Politics is a process by which groups of people make collective decisions. The term is generally applied to the art or science of running governmental or state affairs, including behavior within civil governments, but also applies to institutions, fields, and special interest groups such as the...
, marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
, management science and other areas in which methods to derive the consensus ranking are developed.
In an analysis of voting, for example, the intensity of preference is a measure of an individual voter's (or group of voters') willingness to incur the costs or inconvenience of the act of officially registering a preferential choice at the time and place required, not the vote itself.
Social choices
The "intensity" of preference can be a factor in aggregating individual choices into social choices.- Independence of irrelevant alternatives "... does not rule out "intensity" of preference in making social choices. "It is part of our definition of a social choice rule/function that the choices are based only on the information in a profile of ordinal preference relations. "These preference relations do not contain any intensity information that could be used by social choice rules, whether or not they violate the independence axiom."