The Development of Utility Theory. II

  title={The Development of Utility Theory. II},
  author={G. Stigler},
  journal={Journal of Political Economy},
  pages={373 - 396}
  • G. Stigler
  • Published 1950
  • Journal of Political Economy
  • E precise shape of the utility function received little attention in the . main tradition of utility theory. Occasionally it was stated that the marginal utility of a necessity falls rapidly as its quantity increases and the like; and there were some mystical references to the infinite utility of subsistence. These were ad hoc remarks, however, and were not explicitly developed parts of the formal theory. Only one hypothesis about the marginal utility function ever achieved prominence: it was… CONTINUE READING
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