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- Title
Hidden Subjective Aspects in the Law of Diminishing Marginal Utility: The Initial Bump and Limitations of Neuroeconomics .
- Authors
Tripathy, Asima; Pradhan, Rajat Kumar
- Abstract
Laws have flaws and no law in sciences or humanities can be above the existence of exceptions and the possibility of improvisations till perfection is attained since both rationalism and empiricism have severe limitations. We take up the microscopics of the law of diminishing marginal utility to bring the hidden subjectivity in several key aspects of its formulation. On the basis of an experiment with 118 persons, we show for the first time that there is an initial bump in the marginal utility. We also comment on the limitations of neuroeconomics to influence consumer choices indefinitely and explain the decision-making process as a quantum measurement using psychophysical interpretation.
- Subjects
NEUROECONOMICS; QUANTUM measurement; CONSUMER preferences; RATIONALISM; EMPIRICISM
- Publication
Indian Journal of Public Health Research & Development, 2021, Vol 12, Issue 1, p33
- ISSN
0976-0245
- Publication type
Article
- DOI
10.37506/ijphrd.v12i1.13827