I’m basically saying that the logarithmic utility function, which is where we get the idea that doubling one’s income from any starting point raises their happiness by the same amount, is a special case of a broader class of utility functions, in which marginal utility can decline faster or slower than in the logarithmic utility function.
I’m basically saying that the logarithmic utility function, which is where we get the idea that doubling one’s income from any starting point raises their happiness by the same amount, is a special case of a broader class of utility functions, in which marginal utility can decline faster or slower than in the logarithmic utility function.