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References in periodicals archive ?
This provides support for diminishing marginal utility of income as a short-run phenomenon, but not one that holds in the long run.
Under what conditions will a utility-maximizing individual with diminishing marginal utility of income choose to undertake risky activities?
This utility function assumes that there is diminishing marginal utility associated with landfilling as compared to recycling.
This is due to the fact that (i) at least under standard conditions of diminishing marginal utility this leads to a greater willingness to pay for the public good on the part of the rich ([MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII.] goes up), and (ii) the participation constraint on the rich ([mu]) gets more binding (negative).
The law of diminishing marginal utility relates to capacity limitations and is one of the bedrocks of economics.
If relative standards of well-being do indeed matter more than absolute standards above a certain minimum threshold, then the fundamental microeconomic assumption of diminishing marginal utility will have to be reexamined.
The law of diminishing marginal utility of consumption guarantees then that v is concave in commuting time.
Even assuming diminishing marginal utility for goods M and X ([U.sub.MM], [U.sub.XX] [less than] 0), the sign of the expression in (11) is unknown without further restrictions on the signs of the three cross partial derivatives of the utility function, [U.sub.MS], [U.sub.MX], and [U.sub.SX].
We wish to point out that, whether or not there is diminishing marginal utility for improved customer service, these improvements (Johnston, 1991) probably require increasing costs (Levy, 1981) (in the absence of a reengineering or the substitution of information for more-expensive assets).
But at the same time, the law of diminishing marginal utility is a purely economic law which describes the character of the subject's attitude towards scarce goods.
This is equivalent to assuming diminishing marginal utility for the |q.sub.i~.