What does "Ordinal Preferences" mean?
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Ordinal preferences are a way of ranking choices based on what you like best without measuring how much you like each option. Imagine you have a list of your favorite ice cream flavors. You might say you prefer chocolate over vanilla, and vanilla over strawberry. You don’t need to say how much more you like chocolate—just that it’s your top choice.
How It Works
In the world of matching markets, ordinal preferences help match people or items based on their likes and dislikes. For instance, if you want to match kids with chores, you could rank the chores from most to least favorite. This way, everyone gets something they can tolerate instead of being stuck with the most dreaded task. Nobody wants to be the one who gets stuck cleaning the cat litter, right?
Real-Life Applications
Ordinal preferences pop up everywhere. Think about dating apps. Users rank potential matches based on preference. You might swipe left on someone if they don’t tickle your fancy, but that doesn’t mean you can’t find someone else who’s just as great, even if they don’t necessarily top your list.
Why It Matters
Understanding ordinal preferences can help make better matches in various situations, from chores to dating and even job assignments. Since it’s all about preferences rather than strict measures, it tends to feel fairer. After all, a happy person is usually a productive person—unless they’re just really in love with napping.