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Home > Art, Film & Photography > Utility: Indifference Curve, Marginal Utility, Cardinal Utility, Expected Utility Hypothesis, Risk Aversion, Ellsberg Paradox, Cobb-Douglas
Utility: Indifference Curve, Marginal Utility, Cardinal Utility, Expected Utility Hypothesis, Risk Aversion, Ellsberg Paradox, Cobb-Douglas

Utility: Indifference Curve, Marginal Utility, Cardinal Utility, Expected Utility Hypothesis, Risk Aversion, Ellsberg Paradox, Cobb-Douglas


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About the Book

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 38. Chapters: Indifference curve, Marginal utility, Cardinal utility, Expected utility hypothesis, Risk aversion, Ellsberg paradox, Cobb-Douglas, Allais paradox, Proebsting's paradox, Hyperbolic absolute risk aversion, Constant elasticity of substitution, God's utility function, Exponential utility, Subjective expected utility, Gorman polar form, Classical general equilibrium model, Cost-utility analysis, Ordinal utility, Gossen's second law, Utility maximization problem, Risk neutral, Isoelastic utility, Rank-dependent expected utility, Discounted utility, Friedman-Savage utility function, Marginal use, Generalized expected utility, Homothetic preferences, Weakly additive, Gossen's laws, Risk-loving, Indirect utility function, Frisch elasticity of labor supply, Transferable utility, Stone-Geary utility function, Expectation utilities, Leontief Utilities. Excerpt: In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease) in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility than the second and subsequent units. The concept of marginal utility played a crucial role in the marginal revolution of the late 19th century, and led to the replacement of the labor theory of value by neoclassical value theory in which the relative prices of goods and services are simultaneously determined by marginal rates of substitution in consumption and marginal rates of transformation in production, which are equal in economic equilibrium. The term marginal refers to a small change, starting from some baseline level. As Philip Wicksteed explained the term, "Marginal considerations are considerations which concern a slight increase or diminution of the...


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Product Details
  • ISBN-13: 9781155592756
  • Publisher: Books LLC, Wiki Series
  • Publisher Imprint: Books LLC, Wiki Series
  • Height: 246 mm
  • No of Pages: 40
  • Spine Width: 2 mm
  • Weight: 91 gr
  • ISBN-10: 1155592751
  • Publisher Date: 06 Sep 2011
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Sub Title: Indifference Curve, Marginal Utility, Cardinal Utility, Expected Utility Hypothesis, Risk Aversion, Ellsberg Paradox, Cobb-Douglas
  • Width: 189 mm


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