منابع مشابه
The marginal utility of income
In normative public economics it is crucial to know how fast the marginal utility of income declines as income increases. One needs this parameter for cost-benefit analysis, for optimal taxation and for the (Atkinson) measurement of inequality. We estimate this parameter using four large cross-sectional surveys of subjective happiness and two panel surveys. Altogether, the data cover over 50 co...
متن کاملEugen Von Böhm - Bawerk ’ S “ Value , Cost , and Marginal Utility ” : Notes on the Translation
Ifirst read Böhm-Bawerk’s essay “Value, Costs, and Marginal Utility” 44 years ago, as part of my research for my MBA thesis, the subject and title of which was The Classical Economists and the Austrians on Value and Costs. I knew at the time that Böhm-Bawerk’s essay very much deserved to be translated. And some 20 or more years later, seeing that no one else had yet made the translation, I deci...
متن کاملMarginal Utility of Income and value of time in urban transport
We relax the assumption of constancy of the marginal utility of income into a structural model of urban transportation with endogenous congestion. We examine the impact of unobserved heterogeneity in Marginal Utility (MU) of income on the determinants of travel by estimating the model using household survey data. We show that the value of time is no more statistically different across time slot...
متن کاملBidding Marginal Utility in Simultaneous Auctions
We propose a new topic model for tracking timevarying consumer purchase behavior, in which consumer interests and item trends change over time. The proposed model can adaptively track changes in interests and trends based on current purchase logs and previously estimated interests and trends. The online nature of the proposed method means we do not need to store past data for current inferences...
متن کاملDiminishing Marginal Utility of Income? Caveat Emptor
[T]he income and happiness relationship is . . . curvilinear . . . with a decreasing marginal utility for higher levels of income . . . . (Diener, Sandvik, Seidlitz, and Diener, 1993, 204; cf. also Diener and Biswas-Diener, 2002, 119) [W]e not only see a clear positive relationship [between happiness and GNP per capita], but also a curvilinear pattern; which suggest that wealth is subject to a ...
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ژورنال
عنوان ژورنال: The Quarterly Journal of Economics
سال: 1893
ISSN: 0033-5533
DOI: 10.2307/1884004