Identified person “bias” as decreasing marginal value of chances

Decreasing Marginal Value of Information Under Symmetric Loss

Economic value of water in the manufacturing industry of Yazd Province: Value of marginal product approach

The optimal allocation of water is importance because Yazd province has very limited access to water resources. The optimal allocation requires that the water price be approximately equal to its economic value. Accordingly, the present paper calculated the economic value of water consumed by manufacturing industries in Yazd province. The Cobb-Douglas, transcendental, translog, generalized quadr...

Ellsbergs Paradox and the Value of Chances

What value should we put on chances? This paper examines the hypothesis that, contra the widely accepted theory of von Neumann and Morgenstern, chances can have diminishing marginal value. The hypothesis is defended by showing that it can be used to explain both the typical pattern of preferences observed in the Ellsberg paradox and the intuition that lotteries are the best way to distribute in...

The marginal value of relations

Evolutionary dynamics is determined by heritable variation between individuals, by variation in reproductive success and by the correlation between these two types of variation. If there is no heritable or no reproductive variation, there is no evolutionary change. If the correlation between heritable trait variation and reproductive variation is zero, evolution is neutral. If this correlation ...

Concentration of research funding leads to decreasing marginal returns

In most countries, basic research is supported by research councils that select, after peer review, the individuals or teams that are to receive funding. Unfortunately, the number of grants these research councils can allocate is not infinite and, in most cases, a minority of the researchers receive the majority of the funds. However, evidence as to whether this is an optimal way of distributin...