Academic literature on the topic 'Marginal utility theory'
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Journal articles on the topic "Marginal utility theory"
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Zafirovski, Milan. "Contradictions of the Marginal Utility Theory of Value? Identifying Some Logical Errors." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 1 (June 2024): 53–98. http://dx.doi.org/10.3280/spe2024-001003.
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This article engages in an exploration and identification of potential internal contradictions such as logical errors in the marginal utility theory of value. Specifi-cally, it explores and attempts to identify possible logical contradictions between certain integral elements and aspects of this theory. It first investigates and ana-lyzes potential logical contradictions between the ‘law of satiable wants' and the ‘law' of diminishing marginal utility within the marginal utility theory of value fo-cusing on its early formulations and later elaborations. It then explores and ana-lyzes possible logical contradictions between the status of marginal utility theory as a subjective or individualistic and as a psychological theory of value. It con-cludes that the marginal utility theory of value manifests certain internal contra-dictions in the form of logical errors.
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Veblen, T. "The Limitations of Marginal Utility." Voprosy Ekonomiki, no. 7 (July 20, 2007): 86–98. http://dx.doi.org/10.32609/0042-8736-2007-7-86-98.
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The article written by the founder of institutionalism and published in 1909 is translated into Russian for the first time. Veblen criticizes different versions of neoclassical theories of production and consumption, trying to consider human behavior in the wide cultural context. He suggests a methodological alternative to neoclassical theory, rebutting teleological explanations of neoclassics and emphasizing causal relations. Moreover Veblen formulates a theoretical alternative: he develops a theory of institutional evolution and describes how habits, customary modes of thought and conventional judgments influence behavior of businessmen and how the analysis of their scheme of life can contribute to deeper understanding of their economic activity.
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Filipic, Petar. "The legitimacy of increasing marginal utility in social services: The case of university examinations." Ekonomski anali 55, no. 186 (2010): 67–87. http://dx.doi.org/10.2298/eka1086067f.
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The concept of utility became rightfully recognized in economic theory with the introduction of decreasing marginal utility. However a question that arises is: does an increasing consumption of goods always and without exception lead to diminishing marginal utility? It is quite possible that in some cases marginal utility of goods and services actually increases. If this fact is true, it might additionally strengthen the utility theory and make it applicable in numerous cases of economic and social reality. This paper uses the example of the utility of studying at university (i.e. the utility of university examinations), and tries to add a few arguments in favour of the statement that the law of increasing utility exists.
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Carvalho Castro, Luiz, and Antônio Souza Araujo. "Marginal Utility & its Diminishing Methods." Number-2, February 2019 2, no. 2 (2018): 35–47. http://dx.doi.org/10.35935/tax/22.4735.
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In this article we have shown what is marginal utility in economics and its diminishing method mathematically. Marginal utility is an economic concept and very important to the theory of economic sciences. So we selected this topic to describe it with the concept of economics and mathematics elaborately. At the beginning of this article readers will find the definition of marginal utility and at the middle of this article, readers will find it's diminishing method mathematically. The term marginal utility has a good impact in economics. In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
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Alvino, Letizia, Efthymios Constantinides, and Massimo Franco. "Towards a Better Understanding of Consumer Behavior: Marginal Utility as a Parameter in Neuromarketing Research." International Journal of Marketing Studies 10, no. 1 (2018): 90. http://dx.doi.org/10.5539/ijms.v10n1p90.
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Understanding consumers’ decision-making process is one of the most important goal in Marketing. However, the traditional tools (e,g, surveys, personal interviews and observations) used in Marketing research are often inadequate to analyse and study consumer behaviour. Since people’s decisions are influenced by several unconscious mental processes, the consumers very often do not want to, or do not know how to, explain their choices. For this reason, Neuromarketing research has grown in popularity. Neuromarketing uses both psychological and Neuroscience techniques in order to analyse the neurological and psychological mechanisms that underlying human decisions and behaviours. Hence, studying these mechanisms is useful to explain consumers’ responses to marketing stimuli.This paper (1) provides an overview of the current and previous research in Neuromarketing; (2) analyzes the use of Marginal Utility theory in Neuromarketing. In fact, there is remarkably little direct empirical evidence of the use of Marginal Utility in Neuromarketing studies. Marginal Utility is an essential economic parameter affecting satisfaction and one of the most important elements of the consumers’ decision-making process. Through the use of Marginal Utility theory, economists can measure satisfaction, which affects largely the consumer’s decision-making process. The research gap between Neuromarketing and use of Marginal Utility theory is discussed in this paper. We describe why Neuromarketing studies should take into account this parameter. We conclude with our vision of the potential research at the interaction of Marginal Utility and Neuromarketing.
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Ivan, Tkach, and Malanchuk Maryna. "THE EVOLUTION OF THE THEORY OF PRICING AND ITS IMPACT ON THE FORMATION OF THE PRICE OF MILITARY PRODUCTS." Social development & Security 2, no. 2 (2017): 76–84. https://doi.org/10.5281/zenodo.1145389.
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<em>The article analyzes the development of the theory of prices and pricing, discussed the theory of labor value theory of marginal utility and ending with modern neoclassical synthesis areas that constitute the theoretical basis of modern research market economy. There are knowledge of the economic nature of the price is marked by the following milestones: the quantitative theory of money, which has become widespread in the form of "equation of exchange" (MV = PQ); the theory of labor value determines the price as a monetary expression of the value of the goods, this model price was called costly pricing; the theory of marginal utility, where the price is presented in the form of an estimate of the marginal utility of this good, the price is the monetary expression of the ultimate or marginal utility of the economic good. These theories do not take into account the specifics of pricing for military products, because these products have specific characteristics, namely: the only buyer is the state, in most cases there is a monopoly on this type of product. Therefore, there is a need to develop a pricing methodology for military purposes in conditions of imperfect competition, resource constraints, economic crisis and conflicts.</em>
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Allen, Benjamin, Blake Stacey, and Yaneer Bar-Yam. "Multiscale Information Theory and the Marginal Utility of Information." Entropy 19, no. 6 (2017): 273. http://dx.doi.org/10.3390/e19060273.
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Complex systems display behavior at a range of scales. Large-scale behaviors can emerge from the correlated or dependent behavior of individual small-scale components. To capture this observation in a rigorous and general way, we introduce a formalism for multiscale information theory. Dependent behavior among system components results in overlapping or shared information. A system’s structure is revealed in the sharing of information across the system’s dependencies, each of which has an associated scale. Counting information according to its scale yields the quantity of scale-weighted information, which is conserved when a system is reorganized. In the interest of flexibility we allow information to be quantified using any function that satisfies two basic axioms. Shannon information and vector space dimension are examples. We discuss two quantitative indices that summarize system structure: an existing index, the complexity profile, and a new index, the marginal utility of information. Using simple examples, we show how these indices capture the multiscale structure of complex systems in a quantitative way.
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Wu, Joseph S. K., and Chi Pui Ho. "The Shapiro-Stiglitz Model with Non-constant Marginal Utility." Open Economics 1, no. 1 (2017): 36–48. http://dx.doi.org/10.1515/openec-2017-0003.
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Abstract The Shapiro-Stiglitz model plays an important role in the employment theory. Woodford pointed out the theoretic limitation of the linear worker's utility function in that model. He questioned the model's implication of the secular decline in the unemployment rate when such rate was in fact trendless. He proposed to resolve this by allowing diminishing marginal utility of income. In this paper, the Shapiro- Stiglitz model is generalized using a nonlinear utility function implicit in the Stiglitz Efficiency-wage paper, thus linking these two well-known models. The nonlinear utility function in this generalized model not only allows for diminishing marginal utility of income but also allows for the analysis of parameters representing various factors affecting the secular unemployment rate. In particular, we can specify the condition under which the diminishing marginal utility can cause such rate to be trendless.
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Weber, M. "The Theory of Marginal Utility and the “Basic Psychophysical Law”." Sociology of Power 32, no. 4 (2020): 204–16. http://dx.doi.org/10.22394/2074-0492-2020-4-204-216.
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Zgheib, Philippe W., Nathalie K. Zgheib, Alfred A. Cecchetti, Bambang Parmanto, Sjarif Ahmad, and Robert A. Branch. "In-hospital drug-use optimization using the Marginal Utility Theory." Journal of Pharmaceutical Health Services Research 2, no. 2 (2011): 89–95. http://dx.doi.org/10.1111/j.1759-8893.2011.00039.x.
Full textDissertations / Theses on the topic "Marginal utility theory"
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Libardi, de Carvalho Mateus. "An investigation into the elasticity of marginal utility." Thesis, University of Birmingham, 2018. http://etheses.bham.ac.uk//id/eprint/8396/.
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Prioritizing public investments is arguably one of the most important and complex tasks Governments face. In this thesis, I contribute to such a task by examining the Elasticity of the Marginal Utility (EMU). This parameter is central to the determination of the Social Discount Rate, which is the discount rate used for Cost-Benefit Analysis in the public sector. I estimate the EMU using an unprecedentedly large dataset and test variants of the estimation technique which include National Insurance Contributions and Supernumerary Income. I also test the robustness of the estimates obtained. I further investigate the validity of the estimates by testing for the first time the key assumption underlying the estimation technique that the degree of progressivity of the income tax schedule represents society's inequality aversion. Next, I examine causality between tax progressivity and income inequality, which is a theme that emerges from testing the assumption mentioned. Finally, I estimate the EMU in different contexts, relating the estimated values and their context-sensitivity to psychological traits. Overall, the results suggest an EMU of 1.5 and that the estimation methodology implemented is acceptable. They also show bidirectional causality between progressivity and inequality, and that the EMU values vary significantly with psychological traits.
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Hoffmann, Nimi. "The role of the instrumental principle in economic explanations." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002842.
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Economic explanations tend to view individuals as acting to satisfy their preferences, so that when given a choice between goods, individuals choose those goods which have greater utility for them – they choose those goods which they believe can best satisfy their preferences in the circumstances at hand. In this thesis, I investigate how utility theory works when it is used to explain behaviour. In theory, utility is a positive concept. It is intended to describe and explain an individual’s behaviour without judging or justifying it. It also seems to be regarded as non-hypothetical, for it explains an individual’s behaviour in terms of preferences which need not be shared by others, but may be wholly particular to her. This implies a distinctive way of approaching people’s behaviour as isolated from and immune to the judgements of a community, for utility cannot be used as a common standard by which we judge an individual’s behaviour as better or worse, appropriate or inappropriate. I argue that this theoretical treatment of utility is substantially different from the practice of using utility to explain behaviour. In the first place, when utility is used to explain behaviour as preference-guided, it treats this behaviour as rational action. An explanation of rational action is, however, necessarily governed by the instrumental principle. This principle is normative – it stipulates the correct relation between a person’s means and her ends, rather than simply describing an existing relation. The principle is also non-hypothetical – our commitment to the principle does not rely on the possession of particular ends, but on having ends in general. The instrumental principle therefore acts as a common standard for reasoning about how to act, so that when we explain an agent’s behaviour as rational action, we expect that her action will conform to standards that we all share in virtue of having ends. Thus, I contend, in order to explain the rational actions of an individual, marginal utility necessarily appeals to the judgements of a community.
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Hudík, Marek. "Essays on Economic Behaviour." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-72328.
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The main thesis of these essays is that social phenomena are different from psychological phenomena and thus social sciences do not belong to behavioural sciences. Chapter 1 introduces the fundamental problem of the rational choice theory ("Macaulay's problem"): either the theory is empirical and false or it is without empirical content and true. Various suggested solutions to this problem are reviewed and criticized. It is argued that the problem is evaded once it is admitted that rational choice theory does not attempt to explain behaviour. It was developed to explain decreasing individual demand and its extension to behavioural sciences is illegitimate. In Chapter 2 the difference between the interpretation of rationality in choice theory and demand theory is shown. It is argued that choice theory must adopt the agent's point of view, while demand theory proceeds from the point of view of an observer. Chapter 3 applies the argument to the problem of indifference ("Nozick's problem"): it claims that choice theory must adopt strict ordering of alternatives because indifference is already accounted for in the description of the choice alternatives. The difference between the consumer perception and the objective price-quantity relation embodied in the demand function is further explored in Chapter 4 on the example of the Rothbardian demand theory. It is argued that the law of marginal utility defined in terms of subjective units (i.e. units relevant to the consumer) does not imply nonincreasing demand. Chapter 5 is complementary to the previous and attempts to answer the question, whether the concept of marginal utility is compatible with ordinalism. Finally, Chapter 6 discusses on the methodological level the difference between behavioural sciences and economics. It argues that the difference can be conveniently described with the help of Popper's concepts of 'World 2'and 'World 3'.
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Toll, Kristopher C. "Using a Discrete Choice Experiment to Estimate Willingness to Pay for Location Based Housing Attributes." DigitalCommons@USU, 2019. https://digitalcommons.usu.edu/etd/7657.
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In 1993, a travel study was conducted along the Wasatch front in Utah (Research Systems Group INC, 2013). The main purpose of this study was to assess travel behavior to understand the needs for future growth in Utah. Since then, the Research Service Group (RSG), conducted a new study in 2012 to understand current travel preferences in Utah. This survey, called the Residential Choice Stated Preference survey, asked respondents to make ten choice comparisons between two hypothetical homes. Each home in the choice comparison was described by different attributes, those attributes that were used are, type of neighborhood, distance from important destinations, distance from access to public transport, street design, parking availability, commute distance to work, and price. The survey was designed to determine the extent to which Utah residents prefer alternative household attributes in a choice selection. Each attribute contained multiple characteristic levels that were randomly combined to define each alternative home in each choice comparison. Those choices can be explained by Random Utility Theory. Multinomial logistic regression will be used to estimate changes in utility when alternative attribute levels are present in a choice comparison. Using the coefficient estimate for price, a marginal willingness to pay (MWTP) for each attribute level will be calculated. This paper will use two different approaches to obtain MWTP estimates. Method One will use housing and rent price to recode the price variable in dollar terms as defined in the discrete choice experiment. Method Two will recode the price variable as an average ten percent change in home value to extrapolate a one-time payment for homes. As a result, we found that it is possible to obtain willingness to pay estimates using both methods. The resulting interpretations in dollar terms became more relatable. Metropolitan planning organization can use these results to understand how residents perceive home value in dollar terms in the context of location-based attributes for homes.
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Lilja, Veronica, and Karin Isacsson. "Sport Sponsorship : Managing the relationship between a sponsor and a sponsee." Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-64793.
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Sports sponsorship accounts for the majority of global sponsorship revenue and is a mutually beneficial business relationship between two parties -the sponsor and the sponsee. The most successful sports sponsorships are based on a good relationship between the sports entity and its sponsor, however, the relationship between the sponsor and the sponsee is difficult to understand due to the lack oftheoretical and managerial implications of the area. Thus, the purpose of this thesis is to provide a better understanding of how sport entities and their existing sponsors manage their interorganizational relationship. In order to reach the stated purpose, research questions are derived focusing on the exchange and the maintenance of the sport sponsor relationship. Based on the research questions, an extensive literature review is conducted landing in a proposed conceptual framework. A qualitative case study approach is used to collect data through semi-structured interviews with two national and two international professional sports organizations. The result of the study shows how the existing relationship between sports organizations and their sponsors is managed. The most valued aspect in a sport sponsorship relationship is to develop a long-term partnership and that the parties involved are committed to the relationship and work actively to make it mutually beneficial. The sponsors are for the most partincluded in the activities of the sport entity, which posits high-quality communication as an essential tool in maintaining a successful relationship. In order to maximize the value generated from the offered benefits, the partners must be willing to utilize the full potential in participating in the sport entity’s various activities.
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Maas, Harro. "William Stanley Jevons and the making of modern economics /." Cambridge : Cambridge University Press, 2005. http://aleph.unisg.ch/hsgscan/hm00155220.pdf.
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Lai, Xi, and 賴璽. "Analysis of Uncertainty in the Ordinal Marginal Utility Theory." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/yuf4w9.
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碩士<br>國立政治大學<br>財政學系<br>107<br>This paper used the ordinal marginal utility theory brought up by Chung-Cheng Lin (2015e) to discuss the decision-making in the face of uncertainty, and compares the analysis results with expected value theory, expected utility theory and prospect theory. The results show that the ordinal marginal utility theory can pass the test of three uncertainty problems (seeking or avoiding risks, differences in reference points, and loss aversion) in “Thinking, Fast and Slow” by Kahneman . From the new theoretical model established for the uncertainty problem and the analysis results of the three questions, the following conclusions can be drawn: (a) the ordinal marginal utility theory has more economic implications, and (b) for uncertainty the various possible decisions, the ordinal marginal utility theory can explain, rather than predict a single result. The discovery of the ordinal marginal utility theory may be a feasible method for analyzing uncertainty. The results of this study can be used as a guide to the application of ordinal marginal utility theory to explore uncertainty.
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Zheng, An-Hao, and 鄭安皓. "The Effect of Externality on Commodity Demand in the Ordinal Marginal Utility Theory." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/m38fr3.
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碩士<br>國立政治大學<br>財政學系<br>107<br>This paper uses ordinal marginal utility theory to discuss the effect of externalities on commodity demand and use the existing maximal total utility theory analysis as a comparison. It is concluded that the weakness of the previous ordinal total utility theory and the cardinal total utility theory can be solved under the theory of ordinal marginal utility.
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Wang, Chi-Ying, and 王琪瑛. "The Effect of the Public Goods on the Demand of Commodity in the Ordinal Marginal Utility Theory." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/3krvbm.
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碩士<br>國立政治大學<br>財政學系<br>107<br>In current economic theory, most of the analysis of public goods focus on how to find the optimum quantity of public goods. However, public goods can be seen everywhere in daily life and are closely related to the people. If the optimum quantity of public goods changes, consumers can be expected to have different psychological evaluations at this time, and then make different consumption decision. Therefore, in addition to finding the optimum quantity of public goods, studying the impact of public goods on consumption decision of private goods is an equally important and fundamental economic issue.
This paper uses the ordinal total utility theory, the cardinal total utility theory and the ordinal marginal utility theory (the new theory) to explore the impact of the public goods on the demand of private commodity. The results of the study show that under the framework of maximizing total utility theory, the ordinal utility theory cannot adopt the concept of the law of diminishing marginal utility and the total utility cross-differential term, and besides, the special utility measurable properties of the cardinal utility theory is almost impossible to be established in real life. In contrast to the ordinal marginal utility theory which is advocated by Chung-Cheng Lin, it can not only correct the defects of the current economic theory but is more general in analysis. In other words, the ordinal marginal utility theory is a more reasonable economic theory.
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陳佑貞. "The Effect of the Value-Added Tax on the Quantity Demanded of Commodity in the Ordinal Marginal Utility Theory." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/yx2jwv.
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碩士<br>國立政治大學<br>財政學系<br>106<br>This paper used the method of ordinal marginal utility theory brought up by Chung-Cheng Lin et al. to explore the impact of value-added tax (VAT) on the quantity demanded of commodity. Also, it compared with the theory of maximizing total utility to see difference. Comparing the two theories, the space for the above-mentioned issues will be explained. There are great differences, and it can be concluded that the ordinal marginal utility theory method can more accurately and reasonably explain the economic phenomenon than the maximizing total utility theory method.
Under the framework of maximizing total utility theory, modern economic theory adopts two main consumer utility theories, the ordinal utility theory and the cardinal utility theory. (hereafter referred to as the old
theory)However, there are critical limitations in the two theories separately. For example, the former can't maintain the second derivative term after the positive monotonous transformation. The latter can only perform the positive linear transformation, and the added assumption is almost impossible to be established in real life.That is, Chung-Cheng Lin and his co-workers bring up a new utility theory which can combine the advantages of the old theories without their disadvantages, called the ordinal marginal utility theory. (hereafter referred to as the new theory)
The study of the effect of additional value added tax on the demand for consumer goods is a basic and important economic issue. It is based on this article's attempt to use new theories, and it is the first time in the research that uses the new theory to analyze the value added tax. The results of the study found a total of 19 possible causes will result in an increase in the tax rate and the demand for commodities. After that, this paper adopts the new theory (the ordinal marginal utility theory) as a framework for analysis, and found that there are a total of 119,190(or118,262) rough statistics which may cause the increase in tax rate to reduce (or increase) the demand for commodities. Although this figure will be different from the actual situation or the result of an accurate estimation, it still showed that in the world of new theories, the space in which economic phenomena can be explained by economic thinking will be greatly exploited. Next, this paper considers only one of the numerators and denominators, that is, under the simple collocation of the two forces, when the tax rate increases, a total of 25 (or 24) simple combinations will cause the demand of goods to decline (or rise).
In the end, this paper selects four combinations from the simple combination of the two forces mentioned above and sets specific models to examine them under the framework of the old and new theories separately. After the comparison, it can display that the new theory can indeed find more economic implications that have been lost or cannot be explored in old theories. From this perspective, ordinal marginal utility analysis is indeed better than maximizing total utility analysis.
Books on the topic "Marginal utility theory"
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(Firm), Bernard Quaritch, ed. Mathematical economics & marginal utility theory. Bernard Quaritch, 1993.
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Tamura, Hideaki. Human psychology and economic fluctuation: A new basic theory of human economics. Palgrave Macmillan, 2006.
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Tamura, Hideaki. Human psychology and economic fluctuation: A new basic theory of human economics. Palgrave Macmillan, 2006.
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Judy, Attfield, ed. Utility reassessed: The role of ethics in the practice of design. Manchester University Press, 1999.
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Kauder, Emil. History of Marginal Utility Theory. Princeton University Press, 2015.
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Kauder, Emil. History of Marginal Utility Theory. Princeton University Press, 2015.
Find full textBook chapters on the topic "Marginal utility theory"
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Mátyás, Antal. "A Critique of the Marginal Utility Theory." In History of Modern Non-Marxian Economics. Macmillan Education UK, 1985. http://dx.doi.org/10.1007/978-1-349-18005-9_7.
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Mátyás, Antal. "The Law of Costs According to the Followers of the Marginal Utility Theory." In History of Modern Non-Marxian Economics. Macmillan Education UK, 1985. http://dx.doi.org/10.1007/978-1-349-18005-9_6.
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Veblen, Thorstein. "The Limitations of Marginal Utility' Journal of Political Economy, vol. 17, 1909, pp. 620-36." In The Foundations of Price Theory Vol 6. Routledge, 2024. http://dx.doi.org/10.4324/9781003547969-8.
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Hill, Berkeley. "Explaining the behaviour of individuals: theory of consumer choice." In An introduction to economics: concepts for students of agriculture and the rural sector, 5th ed. CABI, 2021. http://dx.doi.org/10.1079/9781800620063.0002.
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Abstract This chapter first introduces the concepts of utility, margin, and free goods. It then discusses two theories to explain consumer behaviour: (i) utility theory; and (ii) indifference theory. Both theories make the reasonable assumption that the objective the consumer has in mind is to get the greatest amount of satisfaction possible from the limited amount of purchasing power he or she possesses. The utility theory, while simple in concept, contains some difficulties which the second approach, using indifference curve analysis, overcomes. The concepts are illustrated with examples involving products such as bread, cigarettes, beer and milk.
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Moscati, Ivan. "Is There a Unit of Utility?" In Measuring Utility. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780199372768.003.0003.
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Chapter 2 discusses how William Stanley Jevons, Carl Menger, and Léon Walras addressed the issue of the measurability of utility. The three founders of marginal utility theory identified measurement with unit-based measurement and, accordingly, searched for a unit of utility that could be used to assess utility ratios. The outcomes of this search were diverse and ranged from Jevons’s idea that a unit to measure utility, although not available at present, may become so in the future to Walras’s assertion that although utility cannot be measured, constructing economic theory as if it were measurable is a scientifically legitimate procedure. The final section of the chapter explains why the current notion of cardinal utility is inadequate for understanding the utility theories of Jevons, Menger, and Walras and accordingly contends that the three founders of marginal utility theory were not cardinalists in the modern sense of the term.
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"IN DEFENCE OF THE THEORY OF MARGINAL UTILITY." In Knut Wicksell. Routledge, 2002. http://dx.doi.org/10.4324/9780203443545-7.
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"In Defence of the Theory of Marginal Utility." In Knut Wicksell. Routledge, 1997. http://dx.doi.org/10.4324/9780203443545.pt1.
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Moscati, Ivan. "When Unit-Based Measurement Ruled the World." In Measuring Utility. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780199372768.003.0002.
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In order to illustrate the broad intellectual context within which the early discussions of utility measurement took place, chapter 1 reviews the history of the understanding of measurement in philosophy, physics, psychology, mathematics, and areas of economics before and beyond marginal utility theory. This review reveals that between 1870 and 1910, all these disciplines were dominated by the unit-based or, equivalently, ratio-scale conception of measurement. According to this conception, measuring the property of an object consists of comparing it with some other object that is taken as a unit and then assessing the numerical ratio between the unit and the object to be measured. This chapter also shows that late-nineteenth-century discussions of measurement in mathematics established the cardinal–ordinal terminology that later passed into economics. However, the mathematical concept of cardinal number is different from the economic concept of cardinal utility, which entered the scene only in the 1930s.
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Dixit, Avinash K. "Shadow Prices." In Optimization in Economic Theory. Oxford University PressOxford, 1990. http://dx.doi.org/10.1093/oso/9780198772101.003.0004.
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Abstract Lagrange’s method, and its extensions and generalizations in Chapter 3, all introduce an undetermined multiplier for each constraint. The values of these multipliers are found as a part of the solution. The heuristic discussion of the consumer choice problem in Chapter 1 offered an economic interpretation for its Lagrange multiplier: it was the marginal utility of income. In Chapters 2 and 3 I hinted that a similar interpretation holds much more generally for constrained optimization problems. That is the focus of this chapter.
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"THEORIES OF THE MARKET: POLITICAL ECONOMY, MARGINAL UTILITY THEORY, SOCIALIST ECONOMICS." In The Victorian Age. Routledge, 2002. http://dx.doi.org/10.4324/9780203009048-9.
Full textConference papers on the topic "Marginal utility theory"
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Singh, Binder, Tom Folk, Paul Jukes, Jose Garcia, Wayne Perich, and Dirk Van Oostendorp. "Engineering Pragmatic Solutions for CO2 Corrosion Problems." In CORROSION 2007. NACE International, 2007. https://doi.org/10.5006/c2007-07310.
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Abstract The offshore deepsea sector has few margins for error, subsea assets at &gt;2000 ft (max≈10000 ft) depth need to engage safe, and efficient, designs which are robust and capable of withstanding extreme sea state stresses and seabed loadings under high internal pressure, and high temperature conditions (HP/HT). On top of the mechanical challenges there are immense demands from the materials and corrosion side. Unpredictable failures can cause major problems regarding HSE, personnel safety, capital investment, and public reputation, not withstanding the fact that remedial action would be extremely difficult and costly. One new approach has been to utilize the concept of Inherently Safe Design (ISD), within the auspices of ALARP. The principle was previously considered too high level and perhaps over esoteric and not cost effective at CAPEX. However after years of limited acceptance it is now more appropriate, and with the result that decisions such as options for CRA`s are being used on a larger scale than ever before. And drivers are now in place to help merge and reconcile CAPEX and OPEX spending, so that costs and resources are shared to the mutual benefit of the project. Carbon steel as a pipeline material with inhibitors has been the staple for years, but with the increased price of steel, well fluid aggressivity and complexity of localized corrosion, (CO2 corrosion in particular), a major series of JIP`s, R&D, and modeling programs have been ongoing with very significant results. The learning’s have been gradually disseminated through the offshore communities; however the pace of progress has not kept up with the demand for pragmatic answers. And to that effect many subsea developments have proceeded to overcome the corrosion issues with an intervention solution such as internal coatings or internal CRA lining or cladding. In particular the use of suitable fit for purpose CRA’s for flowlines had previously seen great promise, but the costs were prohibitive often &gt; 10-15 times the equivalent cost of steel. However the introduction of CRA liners or cladding has proven very successful. In particular the focus has been on the cost manageable alloys such as the austenitic stainless, and nickel based alloys (304, 316, 904, 825, 625 etc). The use of thin, typically 3 mm CRA internal liners designed to form a physical barrier at the fluid interface, within the steel pipe containment can reduce the cost burdens substantially (often &lt;5-7 times equivalent) with the added benefit of fewer corrosion issues, reduced inspection, greater confidence in operability, fewer downtime periods, and lower risk of failure. The duplex CRA’s are also feasible but tend to be used as solid material only rather than clad or lined. A very reasonable track record is being amassed and it is surmised that deepwater assets will now tend to utilize this rapidly evolving approach.
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Yu-Ching Tong and Greg Pottie. "The marginal utility of cooperation in sensor networks." In 2008 Information Theory and Applications Workshop (ITA). IEEE, 2008. http://dx.doi.org/10.1109/ita.2008.4601058.
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Ni, Zi-Nan, Dong-Lin Su, Wen-Qing Chen, and Fang-Ming Wang. "A method based on marginal utility theory for EMC- target allocation problem." In 2010 International Symposium on Signals, Systems and Electronics (ISSSE 2010). IEEE, 2010. http://dx.doi.org/10.1109/issse.2010.5638209.
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Rolik, Oleksandr, and Kolesnik Valerii. "Marginal Utility Approach for Quality of Service Evaluation in IT infrastructure." In 2020 IEEE 2nd International Conference on Advanced Trends in Information Theory (ATIT). IEEE, 2020. http://dx.doi.org/10.1109/atit50783.2020.9349352.
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Li Jin-ying and Wei Ya-jun. "Notice of Retraction: The remuneration of management studies based on marginal utility theory." In 2010 IEEE International Conference on Advanced Management Science (ICAMS). IEEE, 2010. http://dx.doi.org/10.1109/icams.2010.5552990.
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Flarend, Richard. "Solar Net Metering Increases Utility-Supplier Profit Margins." In ASME 2016 10th International Conference on Energy Sustainability collocated with the ASME 2016 Power Conference and the ASME 2016 14th International Conference on Fuel Cell Science, Engineering and Technology. American Society of Mechanical Engineers, 2016. http://dx.doi.org/10.1115/es2016-59425.
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Net metering is an incentive that is essential to most solar photovoltaic systems. Recently the burden placed upon local utilities is an issue some regulators have been asked to address. This research uses actual 2013 and 2014 solar production data from nearly 200 sites, wholesale electricity day-ahead pricing data, and utility-wide demand data. This is all analyzed by the hour for two full years for a western Pennsylvania based utility and an eastern Pennsylvania based utility and their wholesale generators. Results show electricity is 15% more valuable when solar PV systems are generating power and feeding the grid during good weather conditions than at night or cloudy days when solar customers get energy back from the grid. Solar energy generation is highly predictable in the day-ahead market, and leads to suppression in market prices for electricity. Thus to reveal the true impact of this market suppression, an increased solar renewable portfolio standard (RPS) fraction of 0.2 to 10% was simulated. This caused a decrease in demand resulting in a corresponding reduction in the price of electricity yielding savings to the utility. The maximum rate of increase and decrease in the utility-wide load did not change significantly until the solar RPS exceeded 5%. Additionally, the demand for electricity was reduced during the highest load hours of the year that corresponded to the most expensive hours of the year. The minimum base-load of the year was decreased substantially for solar RPS of 5% or greater and the base load reaches zero for solar RPS over 10%. From the data of these two years, it is demonstrated that an increased use of solar energy would lead to savings that are larger than the loss in revenue due to having fewer traditional non-solar customers. Thus electricity suppliers and utilities stand to have both higher profits and higher profit margins when customers adopt net-metered solar energy compared to the non-adoption of solar energy.
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Garud, Y. S., and David A. Steininger. "A Rational Basis for Deterministic Margins in CUF-Based Fatigue Evaluation With Uncertainty." In ASME 2015 Pressure Vessels and Piping Conference. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/pvp2015-45806.
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One of the aging issues of concern in the light-water reactor power plants is the fatigue degradation due to cyclic loads for which the updated regulatory guidelines have factored in the water environment effects that were not in the original design basis analyses. These guidelines are also applicable to newer plant designs not yet in operation. In both these cases, notably, the design/analysis is deterministic with several factors conservatively used as an engineering judgment to address various sources of uncertainty in the cumulative usage factor (CUF) based fatigue evaluation. The use of deterministic approach to an inherently statistical issue with large and unspecified uncertainty of analysis does not provide a consistent or quantifiable measure of actual safety margin, nor does it lend itself well to assess the impact of various conservative assumptions, or their potential reductions, on the gain/loss in the margin. While a probabilistic methodology is expected to be pertinent and useful it is also recognized that the deterministic approach has the simplicity and familiarity to its credit. These aspects of significance to the long-term assessment and management of fatigue degradation are addressed in this paper with a new approach focused on its engineering application. Presented in this paper is a rational basis that relates the results of a probabilistic assessment of CUF to the common notion of deterministic margins. The objective is to account for major sources of uncertainty in the evaluation of CUF and its allowable or performance criterion, with the goal of allowing for a more realistic assessment of fatigue damage and a consistent quantification of fatigue margins. The basis itself is developed using the stress–strength (or load–resistance) interference methodology that is probabilistic. The results of application of this methodology are expressed in the form of suitable margins that can be treated in the usual deterministic manner. The relation between application dependent acceptable risk level and the quantified fatigue margin is examined to further utilize the results of proposed approach in a simplified engineering manner. Limitations of the key assumptions in the development of this basis/approach, and their expected practical significance, are discussed with suggestions for further enhancements from the application point of view.
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Thamilyanan, Thivyashini, Hasmizah Bakar, Irzee Zawawi, and Siti Aishah Mohd Hatta. "Low Well Cost: Effective Cost Optimisation for Marginal Green Field Development Using Fit-for-Purpose Well Design." In IADC/SPE Asia Pacific Drilling Technology Conference. SPE, 2021. http://dx.doi.org/10.2118/200988-ms.
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Abstract During the low oil price era, the ability to deliver a small business investment yet high monetary gains was the epitome of success. A marginal field with its recent success of appraisal drilling which tested 3000bopd will add monetary value if it is commercialized as early as possible. However, given its marginal Stock Tank Oil Initially in Place (STOIIP), the plan to develop this field become a real challenge to the team to find a fit-for-purpose investment to maximize the project value. Luxuries such as sand control, artificial lift and frequent well intervention need to be considered for the most cost-effective measures throughout the life of field ‘Xion’. During field development study, several development strategies were proposed to overcome the given challenges such as uncertainty of reservoir connectivity, no gas lift supply, limited footprint to cater surface equipment and potential sand production. Oriented perforation, Insitu Gas Lift (IGL), Pressure Downhole Gauge (PDG), Critical Drawdown Pressure (CDP) monitoring is among the approaches used to manage the field challenges will be discussed in this paper. Since there are only two wells required to develop this field, a minimum intervention well is the best option to improve the project economics. This paper will discuss the method chosen to optimize the well and completion strategy cost so that it can overcome the challenges mentioned above in the most cost-effective approach. Artificial lift will utilize the shallower gas reservoirs through IGL in comparison to conventional gas lift. Sand Production monitoring will utilize the PDG by monitoring the CDP. The perforation strategy will employ the oriented perforation to reduce the sand free drawdown limit compare to the full perforation strategy. The strategy to monitor production through PDG will also reduce the number of interventions to acquire pressure data in establishing reservoir connectivity for the second phase development through secondary recovery and reservoir pressure maintenance plan. This paper will also explain the innovative approaches adopted for this early monetization and fast track project which is only completed within 4 months. This paper will give merit to petroleum engineers and well completion engineers involved in the development of marginal fields.
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Bresson, Roman, Johanne Cohen, Eyke Hüllermeier, Christophe Labreuche, and Michèle Sebag. "On the Identifiability of Hierarchical Decision Models." In 18th International Conference on Principles of Knowledge Representation and Reasoning {KR-2021}. International Joint Conferences on Artificial Intelligence Organization, 2021. http://dx.doi.org/10.24963/kr.2021/15.
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Interpretability is a desirable property for machine learning and decision models, particularly in the context of safety-critical applications. Another most desirable property of the sought model is to be unique or {\em identifiable} in the considered class of models: the fact that the same functional dependency can be represented by a number of syntactically different models adversely affects the model interpretability, and prevents the expert from easily checking their validity. This paper focuses on the Choquet integral (CI) models and their hierarchical extensions (HCI). HCIs aim to support expert decision making, by gradually aggregating preferences based on criteria; they are widely used in multi-criteria decision aiding {and are receiving interest from the} Machine Learning {community}, as they preserve the high readability of CIs while efficiently scaling up w.r.t. the number of criteria. The main contribution is to establish the identifiability property of HCI under mild conditions: two HCIs implementing the same aggregation function on the criteria space necessarily have the same hierarchical structure and aggregation parameters. The identifiability property holds even when the marginal utility functions are learned from the data. This makes the class of HCI models a most appropriate choice in domains where the model interpretability and reliability are of primary concern.
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Withrow-Maser, Shannah, Carlos Malpica, and Keiko Nagami. "Multirotor Configuration Trades Informed by Handling Qualities for Urban Air Mobility Application." In Vertical Flight Society 76th Annual Forum & Technology Display. The Vertical Flight Society, 2020. http://dx.doi.org/10.4050/f-0076-2020-16453.
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Many contemporary Advanced Air Mobility (AAM), and more specifically, urban air mobility (UAM) vehicle designers are attracted to variable rotor speed-controlled designs with multiple rotors because of the great potential for mass savings compared to more traditional, variable blade pitch-controlled vehicles. These designs are based on the assumption that the stability and control of recreation or basic utility-sized drones can be scaled to larger passengersized vehicles. Previous work had shown the challenges in stabilizing passenger-sized quadcopters. In this study, power constraints were made less restrictive and varied, allowing more control power. Motor parameters such as efficiency, nominal voltage and current operating point, and rise time of the rotor speed controller step response were studied. By fixing the efficiency of the motor to 95% and assuming a motor voltage to current ratio of 2.0 (previously, assumed to be 1.0), the authors were able to stabilize the quadcopter in the roll axis because this allowed the vehicle to achieve adequate rise times between 0.4 and 0.8 s. This motor optimization was extended to a hexacopter and octocopter designed to the same payload size and mission as the quadcopter. The three vehicle configurations and their motor speed controllers were compared. It was found that while hexacopter and octocopter required more mass and overall power; all three configurations had similar margins required for control. However, the hexacopter and octocopter were able to use this power margin to achieve lower rise times (i.e. the vehicle responded more quickly to pilot inputs) than the quadcopter, with the octocopter having the lowest rotor response rise time of the three vehicle configurations studied.
Reports on the topic "Marginal utility theory"
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Hertel, Thomas, and Padma Swaminathan. Introducing Monopolistic Competition into the GTAP Model. GTAP Technical Paper, 2000. http://dx.doi.org/10.21642/gtap.tp06.
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This technical paper documents one approach to incorporating monopolistic competition into the GTAP model. In this framework, consumer preferences are heterogeneous, leading to an apparent "love of variety" in the aggregate utility function for each region. The more heterogeneous are preferences, the smaller the elasticity of substitution in the aggregate utility function, and the greater the value placed on the addition of new varieties. The same is true for firms, which experience lower unit costs for differentiated, intermediate inputs, as the number of varieties on offer increases. In order to meet the diverse needs of consumers, firms differentiate their products through research and development (R&D) as well as advertising activities. These costs are assumed to be invariant to the total volume of sales for a given variety of product. With production occurring at constant returns to scale, this gives rise to declining average total costs. A zero profits equilibrium in this model is characterized by firms marking up their price over marginal costs by an amount sufficient to cover the fixed costs associated with establishing a new variety in the marketplace. Since the optimal markup is itself determined by the elasticity of substitution among varieties, this establishes a direct relationship between fixed costs and the degree of preference heterogeneity. The main differences between the monopolistically competitive sectors and the traditional GTAP sectors may be summarized as follows: We introduce two new variables: n, the number of firms in the industry and qof, the output per firm. Minimum expenditure and unit costs are declining in n. Average total costs are declining in output per firm. Unlike the Armington specification, foreign and domestic firms compete directly in the representative consumer's utility function. We illustrate this framework with a 2 commodity/3 region example in which we eliminate US antidumping duti
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Glick, Mark. An Economic Defense of Multiple Antitrust Goals: Reversing Income Inequality and Promoting Political Democracy. Institute for New Economic Thinking Working Paper Series, 2022. http://dx.doi.org/10.36687/inetwp181.
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Two recent papers by prominent antitrust scholars argue that a revived antitrust movement can help reverse the dramatic rise in economic inequality and the erosion of political democracy in the United States. Both papers rely on the legislative history of the key antitrust statutes to support their case. Not surprisingly, their recommendations have been met with alarm in some quarters and with skepticism in others. Such proposals by antitrust reformers are often contrasted with the Consumer Welfare Standard that pervades antitrust policy today. The Consumer Welfare Standard suffers from several defects: (1) It employs a narrow, unworkable measure of welfare; (2) It excludes important sources of welfare based on the assumption that antitrust seeks only to maximize wealth; (3) It assumes a constant and equal individual marginal utility of money; and (4) It is often combined with extraneous ideological goals. Even with these defects, however, if applied consistent with its theoretical underpinnings, the consideration of the transfer of labor rents resulting from a merger or dominant firm conduct is supported by the Consumer Welfare Standard. Moreover, even when only consumers (and not producers) are deemed relevant, the welfare of labor still should consistently be considered part of consumer welfare. In contrast, fostering political democracy—a prominent traditional antitrust goal that was jettisoned by the Chicago School—falls outside the Consumer Welfare Standard in any of its constructs. To undergird such important broader goals requires that the Consumer Welfare Standard be replaced with the General Welfare Standard. The General Welfare Standard consists of modern welfare economics modified to accommodate objective analyses of human welfare and purged of inconsistencies.
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Méndez-Vizcaíno, Juan C., and Nicolás Moreno-Arias. A Global Shock with Idiosyncratic Pains: State-Dependent Debt Limits for LATAM during the COVID-19 pandemic. Banco de la República, 2021. http://dx.doi.org/10.32468/be.1175.
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Fiscal sustainability in five of the largest Latin American economies is examined before and after the COVID-19 pandemic. For this purpose, the DSGE model in Bi(2012) and Hürtgen (2020) is used to estimate the Fiscal Limits and Fiscal Spaces for Peru, Chile, Mexico, Colombia, and Brazil. These estimates advance the empirical literature for Latin America on fiscal sustainability by offering new calculations stemming from a structural framework with alluring novel features: government default on the intensive margin; dynamic Laffer curves; utility-based stochastic discount factor; and a Markov-Switching process for public transfers with an explosive regime. The most notable additions to the existing literature for Latin America are the estimations of entire distributions of public debt limits for various default probabilities and that said limits critically hinge on both current and future states. Results obtained indicate notorious contractions of Fiscal Spaces among all countries during the pandemic, but the sizes of these were very heterogeneous. Countries that in 2019 had positive spaces and got closer to negative spaces in 2020, have since seen deterioration of their sovereign debt ratings or outlooks. Colombia was the only country to lose its positive Fiscal Space and investment grade, thereby joining Brazil, the previously sole member of both groups
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Wyatt, Alan. Case Study: Performance-based Contract for NRW Reduction and Control New Providence, Bahamas. Inter-American Development Bank, 2018. http://dx.doi.org/10.18235/0009375.
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The purpose of this case study is to review the context, preparation and implementation progress of the Bahamas Water and Sewerage Corporation’s (WSC) Performance-based Contract (PBC) for Non-Revenue Water (NRW) management in New Providence, Bahamas. This innovative contract was implemented as part of the IDB Loan Project: WSC Support Program – New Providence Water Supply and Sanitation Systems Upgrade (BH-L1028). Specialists at IDB, at other international organizations and managers and policymakers at the country / utility levels in the LAC Region will gain an in-depth look into how this project was formulated, and how it was, and is still, being implemented and monitored. They can also gain lessons of experience on NRW and the use of PBCs from the experience of the Bahamas. The Bahamas is overstressed on water availability, and New Providence is one of the most overstressed areas in the Caribbean. WSC began operations in 1976 under times of water stress and rationing, but in good financial condition. Looking forward, WSC’s main development strategy was to continually add small increments of production capacity to be able to meet demand with a narrow margin. As time went on, wells and barged water supplies became far less attractive, due to salinization of many aquifers and logistical difficulties with barging. At this time, desalination is the only viable source of water for New Providence, in spite of its cost.
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Panek, Jeffrey, Adrian Huth, Alan Krol, and James McCarthy. PR-312-18208-R03 AERMOD Performance Assessments, Implementation Issues and Recommended Improvements. Pipeline Research Council International, Inc. (PRCI), 2022. http://dx.doi.org/10.55274/r0012232.
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In 2010, the U.S. Environmental Protection Agency (EPA) adopted a 1-hour nitrogen dioxide (NO2) National Ambient Air Quality Standard (NAAQS) of 100 parts per billion (ppb) or approximately 188 micrograms per cubic meter (�g/m3) that is considerably more stringent than the longstanding annual standard of 53 ppb (100 �g/m3). New or modified compressor units may be encumbered by federal or state regulatory requirements to demonstrate compliance with the NO2 NAAQS using AERMOD, EPA's dispersion model, because the new NAAQS greatly reduces the compliance margin. Compressor stations have been increasingly requested to model source contribution to other nearby permitting actions through no new action on their part. Model conservatism and performance concerns has limited NO2 NAAQS compliance options necessitating the need to improve model estimates for reciprocating engine drivers at pipeline compressor stations. AERMOD was developed and validated with a primary focus on larger sources with taller stacks, such as electric utility boilers, which results in model conservatism for sources such as compressor stations with shorter stacks that result in near-field modeled impacts. This report summarizes additional analyses conducted and reviewed with EPA that were completed to assess and reduce model conservatism and improve overall model performance. This report presents a more detailed analysis of modeled versus observed results, model performance, and recommendations for model improvements. These analyses also evaluated other ongoing efforts (e.g., PRIME2 downwash improvements and integration of the ADMS chemistry module an alternative in AERMOD) using the data collected from this program may be used to assess these revisions. This final report summarizes the deeper dive into the NOx chemistry, dispersion, and downwash performance assessments within AERMOD based on the Balko dataset. Specific recommendations are made throughout this report to improve overall model performance.