In general people value less of something that they already have, especially if they have it in abundance.


In 'Against the Gods', the author Peter Bernstein describes Daniel Bernoulli's development of this concept:

'the utility... is dependent on the particular circumstances of the person making the estimate... There is no reason to assume that... the risks anticipated by each [individual] must be deemed equal in value.' To each his own.

Once Bernoulli has established his basic thesis that people ascribe different...

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