A homothetic function is a monotonic transformation of a function which is homogeneous of degree 1; however, since ordinal utility functions are only defined up to a monotonic transformation, there is little distinction between the two concepts in practice.
A homothetic function is a monotonic transformation of a function. This function is homogeneous of degree 1. There is little distinction between the two concepts in practice. This is however. Ordinal utility functions are only defined up to a monotonic transformation.