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

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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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