Regarding steel, I think there is also some additional utility that you are leaving out. One would be that it is more flexible, whereas aluminum is prone to breaking or snapping when under a lot of force. I imagine that would be important as automobiles are much more prone to accidents and the flexibility adds an additional layer of safety for the driver. In general, I think that heavy industries are much less prone to subjective utilities than individuals.
As you stated, calculating TEMS values for things like human capital and subjective utilities does seem like it would involve a lot of complexity, but I still think it would be worthwhile to figure out eventually. But that isn’t necessarily what I’d focus on. It would be what investments create the best TEMS outcomes. When you compare the TEMS costs, how does that compare with the utilities?
Regarding steel, I think there is also some additional utility that you are leaving out. One would be that it is more flexible, whereas aluminum is prone to breaking or snapping when under a lot of force. I imagine that would be important as automobiles are much more prone to accidents and the flexibility adds an additional layer of safety for the driver. In general, I think that heavy industries are much less prone to subjective utilities than individuals.
As you stated, calculating TEMS values for things like human capital and subjective utilities does seem like it would involve a lot of complexity, but I still think it would be worthwhile to figure out eventually. But that isn’t necessarily what I’d focus on. It would be what investments create the best TEMS outcomes. When you compare the TEMS costs, how does that compare with the utilities?