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- W1989112304 abstract "The modern economic approach to human behavior and social interaction argues that people maximize the subjective theoretical quantity utility. This primary presupposition has resisted all empirical tests and a consensus has developed that it is unfalsifiable. A promising new approach to the problem is introduced in the paper through research on the psychophysical measurement of the marginal utility of money and commitment. The research reported here suggests that the utility function for money conforms to the power law and has an exponent of about .43. The paper also examines the advisability of broadening the utility function to cover social variables. An operationalization of the concept of commitment was examined using psychophysical techniques with the result that people appear to have utility for commitment, that a power function is involved, and that the exponent is in the vicinity of .36." @default.
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- W1989112304 date "1983-06-01" @default.
- W1989112304 modified "2023-10-02" @default.
- W1989112304 title "Psychophysical measurement and the validity of the modern economic approach: A presentation of methods and preliminary experiments" @default.
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- W1989112304 doi "https://doi.org/10.1016/0049-089x(83)90005-4" @default.
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