Volume 6, No. 1 (Spring 2003)
Neoclassical utility functions are an invalid means of analyzing consumer behavior for three reasons: first, and most important, because such functions, and their attendant rankings, are cardinal, not ordinal in nature; second, because, with respect to the set of bundles relevant to actual human beings, such functions are not continuous and, therefore, not differentiable; and third, because such functions do not correctly, consistently, and properly include dimensions/units.
