| 单词 | marginal utility of wealth |
| 释义 | marginal utility of wealth The increase in an individual's utility consequent on a small increase in their total wealth, per unit of the increase. It seems sensible to assume that for most individuals the marginal utility of wealth is a decreasing function of the wealth already achieved. This is for two reasons. First, while more wealth is always pleasant, as it cannot buy love or life there is probably some upper bound to utility which cannot be exceeded even with unlimited wealth. Second, the fact that most individuals are risk-averse suggests that the marginal utility of wealth is a decreasing function. If it were constant, individuals should logically be risk-neutral, and if it were increasing they should be risk-loving. |
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