A Test of Diminishing Marginal Value
Bibliographic Data
| ID | 9727613 |
|---|---|
| Authors | John K Horowitz (University of Maryland, College Park), JOHN HOROWITZ, John A List (0000-0002-1740-3848, Resources For The Future), J LIST, Kenneth E McConnell (University of Maryland, College Park) |
| Year | 2007 |
| Volume | 74 |
| Issue | 296 |
| Pages | 650-663 |
| Publication date | 2007-11-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1468-0335.2006.00565.x |
| OpenAlex | W2140088445 |
| Language | EN |
| Citations received | 6 |
| References cited | 13 |
The notion of diminishing marginal value had a profound impact on the development of neoclassical theory. Early neoclassical scholars had difficulty convincing contemporaries of the new paradigm's value until political economists used the critical assumption of diminishing marginal value to link utility and demand. While diminishing marginal value remains a key component of modern economic intuition, there is little direct verification of this behavioural property. This paper reports experiments on a myriad of subject pools to examine behaviour in both price and exchange settings. We report results from nearly 900 subjects across 19 treatments and find strong evidence of diminishing marginal value
Adam smith · Economics · Exchange value · Intuition · Marginal cost · Marginal profit · Marginal utility · Marginal value · Microeconomics · Neoclassical economics · Positive economics · Value (mathematics) · Decision-Making and Behavioral Economics · Economic theories and models · Experimental Behavioral Economics Studies · Mathematics · Psychology
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| Citations per year | 0.4 |
|---|---|
| Citation span | 2011 - 2026 (16) |
| Highly cited | No |