The law of marginal utility states that customer satisfaction decreases with each unit purchased. So, the more your customers purchase, the less satisfaction they get from each additional purchase. If ...
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 ...
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 ...
Consumer surplus is based on the economic theory of marginal utility, which is the additional satisfaction a consumer gains from one more unit of a good or service. The consumer surplus increases as ...
Mit der Begründung der ordinalen Nutzentheorie durch Pareto war der Begriff des Grenznutzens nicht mehr quantitativ interpretierbar. Lediglich die Grenzrate der Substitution erwies sich den jetzt ...
Do you remember college? Do you remember Economics 101? In Econ 101, we studied Adam Smith’s famous Paradox of Diamonds and Water. Even though life cannot exist without water and can easily exist ...
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 ...
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