Austrian economists differ with the economic mainstream in many ways, but the break on utility theory is especially critical ...

You don't need to have studied economics to be familiar with the law of diminishing marginal utility and the idea of consumer surplus. The first has to do with the benefit consumers get from their ...

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 Quarterly Journal of Economics, Vol. 27, No. 4 (Aug., 1913), pp. 547-578 (32 pages) The current theory of value fails to the account of inequality, 547.--Value as a "ratio in exchange" to be ...

Marginal analysis was the heart of early Austrian economics and was quickly adopted into mainstream economics, where it is central to modern microeconomic analysis. Amazingly, many people in business ...