“the merchant had observed that the marginal utility of daughters decreases with surprising rapidity.”

Source: Contributions to Modern Economics (1978), Chapter 24, Beauty and the Beast, p. 268

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "the merchant had observed that the marginal utility of daughters decreases with surprising rapidity." by Joan Robinson?
Joan Robinson photo
Joan Robinson 46
English economist 1903–1983

Related quotes

“Part of it, which perhaps you and most other observers are not aware, is that I have enough passive income, and enough dispassion for conventional status signaling, that my marginal utility of money is pretty low compared to my disutility for doing busywork.”

Wei Dai Cryptocurrency pioneer and computer scientist

To put it in perspective, I quit my last regular job in 2002, and stopped doing consulting for that company as well (at $100/hour) a year later when they merged with Microsoft and told me I had to do a bunch of paperwork and be hired by Microsoft's "independent consulting company" in order to continue.
In a discussion thread https://www.lesswrong.com/posts/Jter3YhFBZFYo8vtq/look-for-the-next-tech-gold-rush#ikKBYevf2aL2pBwsS on LessWrong, July 2014

Frank P. Ramsey photo
William Stanley Jevons photo

“One of the most important axioms is, that as the quantity of any commodity, for instance, plain food, which a man has to consume, increases, so the utility or benefit derived from the last portion used decreases in degree. The decrease in enjoyment between the beginning and the end of a meal may be taken as an example.”

William Stanley Jevons (1835–1882) English economist and logician

William Stanley Jevons Letter to his brother (1 June 1860), published in Letters and Journal of W. Stanley Jevons (1886), edited by Harriet A. Jevons, his wife, p. 151 - 152.

Kenneth E. Iverson photo
William Stanley Jevons photo
Ragnar Frisch photo

“I approached the problem of utility measurement in 1923 during a stay in Paris. There were three objects I had in view :
:(I) To point out the choice axioms that are implied when we think of utility as a quantity, and to define utility in a rigorous way by starting from a set of such axioms;
:(II) To develop a method of measuring utility statistically;
:(III) To apply the method to actual data.
The results of my study along these lines are contained in a paper “Sur un Problème d’Économic Pure”, published in the Series Norsk Matematisk Forenings Skrifter, Serie I, Nr 16, 1926. In this paper, the axiomatics are worked out so far as the static utility concept is concerned. The method of measurement developed is the method of isoquants, which is also outlined in Section 4 below. The statistical data to which the method was applied were sales and price statistics collected by the “Union des Coopérateurs Parisien”. From these data I constructed what I believe can be considered the marginal utility curve of money for the “average” member of the group of people forming the customers of the union. To my knowledge, this is the first marginal utility curve of money ever published.”

Ragnar Frisch (1895–1973) Norwegian economist

Frisch (1932) New Methods of Measuring Marginal Utility. Mohr, Tübingen. p. 2-3: Quoted in: Dagsvik, John K., Steinar Strøm, and Zhiyang Jia. " A stochastic model for the utility of income http://www.ssb.no/a/publikasjoner/pdf/DP/dp358.pdf." (2003).
1930s

“The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.”

Richard Arnold Epstein (1927) American physicist

Epilogue, p. 410
The Theory of Gambling and Statistical Logic (Revised Edition) 1977

Joseph Heller photo
John Maynard Keynes photo
Don DeLillo photo

“I am not particularly distressed by the state of fiction or the role of the writer. The more marginal, perhaps ultimately the more trenchant and observant and finally necessary he'll become.”

Don DeLillo (1936) American novelist, playwright and essayist

'The American Strangeness: An Interview with Don DeLillo' by Gerald Howard, The Hungry Mind Review, #47 , 1997

Related topics