The present work takes place in the framework of a non-expected utility model under risk: the RDEU theory (Rank Dependent Expected Utility, first initiated by Quiggin under the denomination of ...

Marginal utility helps set product pricing; high initial satisfaction decreases with more units. Some stores use bulk pricing when consumers value additional items less. Progressive taxes assume each ...

This paper contains an analysis of how the social marginal utilities of income assigned to different persons change in response to changes in prices, the provision of public goods and other parameters ...

It is one of the basic principles taught to students studying economics. Introduced by Lord Alfred Marshall, it forms a crux in the micro-economic level often reflected in routine, day-to-day life.

Fact checked by Ariel Courage Reviewed by Erika Rasure What Is Utility Function? A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of ...

The author blends historical narrative with a topical approach and discusses such aspects of the theory as measurement, total value, and imputation. Originally published in 1965. The Princeton Legacy ...

From a practical standpoint, the august professors were talking about the value of that last dollar, the one at the top of a potentially very high stack that you might possess. And the function for ...

Among ongoing efforts to rethink the basic tenets of mainstream economics is a provocative new book by James Galbraith and Jing Chen. The authors sweep aside the intellectual structure of mainstream ...