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utility of money

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Journal Article
History of Political Economy (2016) 48 (suppl_1): 239–269.
Published: 01 December 2016
...Ivan Moscati The article studies the origin, content, and impact of two experiments to measure the utility of money, one by Frederick Mosteller and Philip Nogee in 1948–49 and one by Donald Davidson, Patrick Suppes, and Sidney Siegel in 1954. Both experiments relied on expected utility theory (EUT...
Journal Article
History of Political Economy (2008) 40 (4): 613–632.
Published: 01 November 2008
... transaction and consumer surplus or rent, both of which were expressed exclusively in terms of money transfers. Later on, Marshall moved toward an explicitly utilitarian framework by emphasizing the marginal utility of money, possibly because he had stumbled on the problem of the determinateness of marginal...
Journal Article
History of Political Economy (2012) 44 (3): 451–469.
Published: 01 September 2012
... paper was regularly used to make commercial payments. While thinkers of the stature of David Hume and Adam Smith utilized the quantity theory of money or the real bills doctrine to explain the monetary system, Henry Thornton broke new ground by developing a theory that recognized the essential truth...
Journal Article
History of Political Economy (1996) 28 (2): 171–217.
Published: 01 June 1996
... . Constancy of the Marginal Utility of Money in Studies. In Mathematical Economics and Econometrics . Edited by Oscar Lange, F. McIntyre, and T. O. Yntema. Chicago: Chicago University Press. Samuelson , P. A. 1974 . Complementarity: An Essay on the 40th Anniversary of the Hicks-Allen Revolution...
Journal Article
History of Political Economy (1985) 17 (3): 419–454.
Published: 01 September 1985
... utility to Or’n’P. Subtracting costs of production Op‘n‘nr‘ from this amount yields a total consumer surplus of p’Pn’. The net gain in consumer surplus is consequently mea- sured by p‘n’n”p”.In this way Dupuit developed a money measure of the benefit of public works and of goods in general...
Journal Article
History of Political Economy (1995) 27 (2): 365–386.
Published: 01 June 1995
.... Appendix 2 shows how demand and supply curves are derived from indifference curves. In appendix 1, finally, the assumption of a con- stant marginal utility of money is used to develop the graphical apparatus that became the characteristic contribution of the Investigations. 2. General Equilibrium...
Journal Article
History of Political Economy (1992) 24 (3): 749–752.
Published: 01 September 1992
... of subjective eco- nomic welfare, but his theory rested on two questionable assumptions: first, that the marginal utility of money is constant and second, that the utility function is addit ively separable. These assumptions were severely criticized in the early 1890s by many authors: Edgeworth...
Journal Article
History of Political Economy (1983) 15 (4): 513–517.
Published: 01 November 1983
... utility of money income requires that utility be observed. Pareto’s work on the stability conditions for a maximum total utility was continued by Slutsky. Slutsky 1952 adopted Pareto’s method of solving for the demand curve and used the same ordinal measurement of utility, but applied...
Journal Article
History of Political Economy (2006) 38 (Suppl_1): 32–47.
Published: 01 December 2006
...Manuel Fernandez-Grela Duke University Press 2006 Allen, R. G. D. 1932 . The Foundations of a Mathematical Theory of Exchange. Economica 36 : 197 -226. ____. 1933 . On the Marginal Utility of Money and Its Application. Economica 40 : 186 -209. ____. 1934 . A Comparison...
Journal Article
History of Political Economy (2000) 32 (1): 174–175.
Published: 01 March 2000
.... Mulberg stresses the following: (1) with a cardinal utility of value and diminishing marginal utility of money, one had a strong argument for egalitarian income distributions; perhaps this induced the shift to an ordinal theory of utility; and (2...
Journal Article
History of Political Economy (2005) 37 (2): 293–307.
Published: 01 June 2005
... of the total utility which he derives from the consumption of assigned quantities (x and y), a measure represented by a function of those quantities. (279 n. 1; emphasis added) The reader will note that Edgeworth begins by assuming a money measure of utility.5 Although utility still appears...
Journal Article
History of Political Economy (1999) 31 (2): 393–416.
Published: 01 June 1999
.... If the purchases of all goods remained unchanged, the marginal utility of X would now be greater than its price multiplied by the marginal utility of money (assuming that the latter remains unchanged). In order to restore equi- librium, the consumption of X must accordingly increase...
Journal Article
History of Political Economy (2021) 53 (2): 367–369.
Published: 01 April 2021
... solution is based on two assump- tions. First, the hypothesis that individuals evaluate bets by taking into account the average of the utilities of the monetary payoffs of the bets. This hypothesis was later called expected utility theory. Second, Bernoulli assumed that the marginal utility of money...
Journal Article
History of Political Economy (2006) 38 (Suppl_1): 48–85.
Published: 01 December 2006
.... ____. 1934b . Nachfragefunktion für Güter mit korrelierten Nutzen. Zeitschrift für Nationalökonomie ( January ): 486 -506. ____. 1934c . The Nature of Indifference Curves. Review of Economic Studies 1.2 : 110 -21. ____. 1935 . A Note on the Determinateness of the Utility Function. Review...
Journal Article
History of Political Economy (1984) 16 (3): 349–362.
Published: 01 September 1984
... clear an advance as is usually supposed. Marshall’s consumer, who decides on his pur- chases by comparing the marginal utility of what is to be bought with the marginal utility of the money he will have to pay for it, is more like an actual consumer, at least so far as some important...
Journal Article
History of Political Economy (1992) 24 (3): 729–744.
Published: 01 September 1992
... clearly does not abandon utility theory to account for gambling. It is almost self evident that the utility of money decreases as a per- son’s total wealth increases; if this be granted, it follows at once that gaming is, in the long run, a sure way to lose utility; that every per- son...
Journal Article
History of Political Economy (2000) 32 (1): 139–157.
Published: 01 March 2000
... side, since there is only one individual in the community. Ramsey (1927, 47) explicitly makes this assumption by stating that he will “neglect altogether questions of distribution and considerations arising from the differences in the marginal utility of money...
Journal Article
History of Political Economy (1992) 24 (4): 967–971.
Published: 01 November 1992
... of money is held constant and supplies are fixed, the price must eventually reach the equilibrium level set by the mar- ginal utilities of buyers and sellers. So far so good, but how do we account for the portions of the supply that in Marshall’s examples are unsold? Dasgupta quotes Marshall’s...
Journal Article
History of Political Economy (1982) 14 (3): 312–322.
Published: 01 September 1982
...- 61. Berkeley also notes that the social utility of money would persist even if the monetary commodity itself vanished: $26. Query. Whether the Denominations being retained, although the Bullion were gone, Things might not nevertheless be rated, bought and sold, Industry promoted...
Journal Article
History of Political Economy (2006) 38 (Suppl_1): 153–185.
Published: 01 December 2006
...D. Wade Hands Duke University Press 2006 Allen, R. G. D. 1932 . The Foundations of a Mathematical Theory of Exchange. Economica 36 : 197 -226. ____. 1933 . On the Marginal Utility of Money and Its Applications. Economica 40 : 186 -209. ____. 1936 . Professor Slutsky's...