Titlebook: Decision Science and Technology; Reflections on the C James Shanteau,Barbara A. Mellers,David A. Schum Book 1999 Springer Science+Business

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https://doi.org/10.1007/978-1-4020-6122-6ess construct associated with wealth. He noted that “a gain of one thousand ducats is more significant to a pauper than to a rich man, though both gain the same amount” (p.24). To capture this intuition, Bernoulli proposed the idea of diminishing marginal utility. Bentham (1823/1968) later discussed

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