AMA | September 2024

10970.728 - 10997.326 Sean Carroll

Is utility more like a log function in shape? Well, a function of what is what you have to ask. So economists know perfectly well that utility does not scale linearly with something like wealth or money or whatever, right? If you are poor and destitute on the street, $1,000 is worth a lot more to you than if you already are a billionaire. OK, that's a very, very well understood thing.